The Greenlandic government, Naalakkersuisut, passed a draft-bill has, banning preliminary investigation, exploration and extraction of uranium in Greenland.
A recent study from The Geological Survey of Denmark and Greenland (GEUS) estimates that there are DKK 18 billion de-risked barrels of oil on the west coast of Greenland. Large deposits are also expected to hide below the seabed on the east coast of Greenland.
However, the Greenlandic government believes that the price of oil extraction is too high. This is based upon economic calculations, but considerations of the impact on climate and the environment also play a central role in the decision.
For this reason, Naalakkersuisut has decided to stop issuing new licenses for oil and gas exploration in Greenland. This step has been taken to protect nature, and to focus on sustainable potentials.
The Minister for Housing, Infrastructure, Mineral Resources and Gender Equality, Naaja H. Nathanielsen states:
As a society, we must dare to stop and ask ourselves why we want to exploit a resource. Is the decision based upon updated insight and the belief that it is the right thing to do? Or are we just continuing business as usual? It is the position of the Greenlandic government that our country is better off focusing on sustainable development, such as the potential for renewable energy
Furthermore, the Minister for Agriculture, Self-sufficiency, Energy and Environment, Kalistat Lund, added that Naalakkersuisut takes climate change seriously, as there are consequences in the country every day. Thus, it is working to attract new investments for the large hydropower potential.
International investments in the energy sector in recent years are moving away from oil and gas and into renewable energy. It is therefore natural that we emphasise business on the opportunities of the future and not on the solutions of the past. The decision to halt oil exploration is also the story of a population that puts the environment first. It is a story I look forward to sharing with the tourism sector and include when I represent Greenland internationally
The Minister for Business, Trade, Foreign Affairs and Climate, Pele Broberg, concluded.
