Greenland dropped all plans for future oil exploration on environmental grounds, saying the price of extraction was âtoo high.â
The islandâs socialist-led government, in office since April, has made climate concerns central to its legislative program. While the decision to scrap planned exploration is a win for environmental groups, it cuts off potential investments that could have aided efforts to gain economic independence from Denmark.
The government âhas decided to cease issuing new licenses for oil and gas exploration,â it said in a statement. âThis step has been taken for the sake of our nature, for the sake of our fisheries, for the sake of our tourism industry, and to focus our business on sustainable potentials.â