Greenland may have billions of dollars in hiding under the beach, but still ending new oil and gas exploration in a surprise commitment to climate and environmental changes. The decision, announced this week, came because Greenland also prohibited uranium mining as part of “in-depth belief that business activities must take into account nature and the environment.”
It is fair to say that Greenland is not short in oil and gas reserves, with a large amount of natural resources that are believed to wait underground. “A recent study of the Danish and Greenland geological survey (Geus) estimates that there is a barrel of oil de-risk and DKK 18 billion [$ 2.9 billion] on the west coast of Greenland,” Naalakkersuisut, the Greenland government, said in a statement. “Great deposits are also expected to hide under the seabed on the east coast of Greenland.”
Apart from the economic potential of the invention-in-waiting, however, Greenland has chosen not to hunt for them. The government will no longer issue a license for oil and gas exploration, confirmed. Instead, it will be seen in the renewable energy option instead.
“As a society, we must dare to stop and ask ourselves why we want to exploit resources,” Naaja H. Nathanielsen, Minister of Housing, Infrastructure, Mineral Resources and Gender Equality, said in a statement. “Does the decision based on updated insights and beliefs that it is the right thing to do? Or are we just continuing the business as usual? This is the position of the Greenlandic government that our country is better with a focus on sustainable development, such as renewable energy potential.”
Greenland currently does not have an active oil field, but has worked with a number of companies in potential locations. The aim is to increase income for the Danish region, which has long hoped to declare independence. To be feasible, however, it is necessary to find a substitute for the annual subsidy he received from Denmark; In 2012, which was estimated at around $ 650 million.
When the party ataqatigiit which leaned on the left taking control over naalakkersuutut earlier this year, however, promised to make a greener decision. Although four existing licenses for oil and gas exploration will still apply, given that they are agreed upon ahead of this new decision, there is no further license to be issued.
“Naalakkersuutut takes climate change seriously,” Kalistat Lund, Minister of Agriculture, self-sufficiency, energy and the environment, said in a statement. “We can see the consequences in our country every day, and we are ready to contribute to the global solution to fight climate change. Naalakkersuistic works to attract new investments for the potential of large water power that we cannot exploit ourselves. The decision to stop new exploration for oil Will contribute to putting Greenland as a country where sustainable investment is considered serious. “
The consequence became increasingly seen by Greenland as a result of climate change in the Danish region. Dramatic acceleration in the melting ice sheet has caused losses; Meanwhile, sea level increases. Meanwhile, there is concern that extensive oil exploration can have a detrimental impact on one of Greenland’s main exports, fishing.
In addition to further petrochemical drilling restrictions, Naalakkersuisut has also confirmed that it will not allow mining uranium. While Greenland remains open to mineral exploitation – with everything from diamonds and gold, through copper and platinum, found there – draft bills have been sent for consultations that will hinder uranium from the list.
