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Investors Urge EU: No New Arctic Oil Drilling!
27 May
Summary
- Financial institutions oppose new Arctic oil and gas drilling.
- New Arctic developments won't solve current energy crisis.
- Spilled oil in Barents Sea is largely unrecoverable.
Financial institutions have formally requested the European Union to uphold its prohibition on new Arctic oil and gas exploration. This appeal comes as the bloc considers revising its energy security policies in response to the ongoing global energy crisis.
These institutions emphasized that new Arctic fossil fuel projects would not be operational for over a decade, rendering them ineffective for immediate energy needs. They also raised concerns about the environmental impact, citing the high risk of unrecoverable oil spills in sensitive Arctic ecosystems.
Norway, a major gas supplier to Europe, has reportedly encouraged the EU to reconsider its stance. However, the EU's current policy supports a ban on further Arctic hydrocarbon development. A spokesperson confirmed the EU is reviewing its Arctic policy due to geopolitical shifts, but no decisions have been made.
