The paper analyzes the national (Russian Federation) and regional (Murmansk region) policy in the sphere of waste management from the position of the concept of “green growth” and gives the ecological and economic assessment of its future effects. The research is carried out on the example of the Murmansk region, the Arctic region with the developed infrastructure on waste processing. A waste incineration plant and a waste sorting complex are already operating in the region. Extrapolation of the results obtained for the Murmansk Region to the level of the Russian Federation as a whole made it possible to conclude that in case of utilization of MSW disposed at landfills in 2020, Russia could reduce greenhouse gas emissions (in CO2–equivalent) by an amount comparable to the emissions of a country like Algeria. The study found that the main obstacle to the complete recycling of MSW in the Murmansk Oblast is the lack of profitable markets for secondary raw materials. At the same time, high investment and operating costs in the creation of a new system of waste management aimed at increasing the share of MSW recycling have led to an increase in utility payments. To reduce operating costs and increase the profitability of the created system it is recommended to sort waste directly at the source of its formation.