Greenland has put an end to oil exploration off the largest island in the world. The government of Greenland said this was “a natural step” since the climate issue is taken seriously by the Arctic government.
Greenland is yet to find any oil, however, officials maintained that they had seen vast reserves as a means to help Greenlanders achieve their long-term dream of gaining independence from Denmark by reducing the subsidy of $680 million the Danish territory gets from the Danish government annually.
The future does not lie in oil. The future belongs to renewable energy, and in that respect, we have much more to gain. The government wants to take co-responsibility for combating the global climate crisis.The government
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According to the U.S Geological Survey, about 17.5 billion barrels of oil have not been discovered and natural gas of about 148 trillion cubic feet is off Greenland. Immediately the current government resumed office, it started fulfilling all election promises and stopped the mining of uranium in southern Greenland.
The island currently has four hydrocarbon exploration licenses. Two small companies hold these licenses. The decision of the government to put an end to oil exploration was encouraged by Greenpeace, an environmental group.
Denmark supports Greenland with the yearly grant it gets from about 66% of the economy in the Arctic island.