In recent years the Arctic has been warming nearly twice as fast as the global average. Such change leads to various economic opportunities in the Arctic, but also negative impacts on the climate, ecosystems and communities in the region itself and also worldwide. It is therefore essential to accurately quantify the global costs associated with Arctic change. To do this properly we need to bring together up-to-date, transdisciplinary knowledge on both the climate and economic systems. We assess if and how leading Integrated Assessment Models, including PAGE09, can be used to compute the economic valuation of potential long-term global impacts of the changing Arctic.