Business Standard

Greenland ends oil search because of climate change


The Left-leaning government on Greenland which could be sitting on vast oil reserves, has decided to suspend all oil exploratio­n off the the world’s largest island, calling it is “a natural step” because the Arctic government “takes the climate crisis seriously.” No oil has yet been found in the waters of Greenland which had ambitions that hydrocarbo­ns would be crucial to help Greenlande­rs realise their long-held dream of cutting the annual subsidy of 3.4 billion kroner ($540 million) from Denmark that currently rules out full independen­ce. Global warming means the retreating ice could uncover potential oil and mineral resources which, if successful­ly tapped, could dramatical­ly change the fortunes of the semiautono­mous Danish territory of 57,000 people.

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