Climate change has become a prominent part of the global security discussion. At the same time private organizations have been increasingly providing a substantial contribution to the implementation of climate adaptation and mitigation. Traditionally, security has been understood in state-centric terms, while global issues such as climate change have belonged under the terrain of international negotiations. With climate change, however, the governance mechanisms used today, are taking on a variety of forms beyond multilateral agreements. By providing significant expertise in technology and service delivery, and committing to even more ambitious greenhouse gas emission reductions than agreed by their governments, private organizations have become active players in the climate change policy arena. Together with the securitization of climate change, the growing significance of private organizations in climate policy and action is raising questions about their role as security providers. This article focuses on the role of transnational corporations (TNCs) in climate governance and discusses the ways in which the increasing significance of TNCs impact on the structure and governance of global security. The Arctic region, while increasingly becoming a prominent part of economic globalization — largely due to global climate change — is anything but isolated from the structural changes occurring in global governance. The growing role of the region in the globalizing economy and the region’s accelerated pace of warming connects it inextricably to the global security.