Denmark announced that it will stop offering new licenses in the North Sea and stop production altogether in 2050 as it takes an historic step toward a fossil-fuel free future.
According to Bloomberg, Climate and Energy Minister Dan Jorgensen told reporters in Copenhagen that he expects the decision to “resonate around the world.”
Based on the Social Democrat Government decision, Denmark will stop providing licenses for oil exploration in the North Sea, while about 150 million barrels of oil and equivalents that would have been drilled by 2050 will remain beneath the ocean’s surface.
Moreover, it is stated that concerning oil and gas companies currently operating in Danish waters, terms and conditions will remain unchanged until production stops in 2050. The decision will cost Denmark about 13 billion kroner ($2.1 billion), according to estimates by the energy ministry.
Mel Evans, senior climate campaigner for Greenpeace in the U.K., expressed his support, adding that in order to recover the pandemic and to future-proof Denmark’s economy, they must transform the North Sea into a renewables-only energy industry that creates jobs for workers and powers the U.K. with clean, affordable energy.
Moreover, Jorgensen pointed to Europe’s desire to be carbon neutral by 2050, “which means it needs to end its reliance on fossil fuels.”
