In the coming years the Arctic is going to face an increasing number of challenges, most of which are connected to the impacts of climate change in the northernmost region of the world. In this paper, I aim to carry out an analysis of the prospects of Arctic governance, examining the institutions that allow for multilateral cooperation as well as possible scenarios of their evolution. Firstly, I present the main features of the Arctic, including the main challenges that this region is going to face as a result of climate change. In doing that, I explain why it is important to assess which governance arrangements are best suited to face such challenges. Secondly, I provide an overview of current trends in Arctic multilateral governance arrangements. In the third and last section, I set out four possible governance scenarios and I examine their respective advantages and drawbacks.