Extensive commercial forestry in the North European boreal forests have left forests and forest landscapes substantially transformed and dominated by young and middle aged managed forests and with only few and small remnants of natural forests left. However, along in the western most part of northern Sweden, a belt of forests with limited harvesting still exists – the Scandinavian Mountain GreenBelt (SMGB). This belt extends almost 1000 km and include more than 2.2 Mha forest land with a significant share of old‐growth and natural forests with high biodiversity values, and as such unique in a European perspective.The debate around the future of the SMGB is intense. Although a significant share of the area is already protected, a recent government review has suggested to set aside additionally 500 000 ha of the area asa contribution from Sweden to fulfil the goals and targets of international agreements (CBD and EU directives). Beyond the conservation benefits, this will have implications also for rural development in the region. It would support the economy for the tourism sector, support amenity migration, secure land for reindeer husbandry and in general provide opportunities for value chains related to non‐woodresources such as fishing, hunting, berry‐ and mushroom harvest and carbon sequestration. On the other hand, industrial and non‐industrial forestry actors sees the initiative as a threat to their resource base. We have analyzed the spatial distribution of different forests types and presence of forests with high natural values across the SMGB and highlight how these are distributed across public, forest company and non‐industrial private forest owners. Traditional wood‐based economic value chains are often in conflict with value chains based on socio‐cultural and ecological benefits and hence calls for discussion on multiple‐use strategies that involve all landowner categories and other stakeholders. There is an urgent need to identify methods for comparing wood/biomass‐based value chains and new value chains that take into account both direct benefits (such as wood or mushrooms) and indirect benefits linked to immaterial forest values (such as recreation and tourism), as well as non‐use and bequest values.