Latest market news

EU restates opposition to Arctic oil and gas

  • Märkte: Battery materials, Crude oil, Metals, Natural gas
  • 19.10.26

The EU has maintained its opposition to Arctic oil and gas development in an updated regional strategy due to be presented on 20 October, days after US president Donald Trump claimed that large-scale oil, gas and mineral exploration would begin in Greenland.

The European Commission's revised policy reiterates its preference for renewable energy over Arctic-produced hydrocarbons and says it will work to prevent developments that threaten the region's ecosystems.

The position carries forward an EU policy adopted in 2021, when the bloc committed to supporting efforts to keep oil, coal and gas undeveloped, including in the Arctic.

In Greenland, the EU will support projects aimed at replacing diesel-fired power generation with renewable energy in Arctic communities. The commission also plans to work with like-minded Arctic partners on raw materials projects intended to strengthen EU supply chains while benefiting local communities.

The bloc will continue to oppose deep-sea mining until it can be shown to have no harmful environmental impacts.

The policy update comes after Trump said on 14 October that "massive oil, gas, and mineral exploration is getting ready to begin" in what he called "our new and beautiful Greenland". He gave no details of any projects, companies or approvals.

Greenland, Denmark and the US signed an agreement on 22 September covering defence, minerals co-operation and broader economic and business issues. But the agreement does not award the US or its companies any oil, gas or mining rights.

Denmark's foreign ministry said any US exploration for oil, gas or minerals would have to comply with Greenlandic legislation. The agreement does not give US investors preferential access to Greenland's natural resources, the ministry said.

Greenland's government halted "future oil exploration" in June 2021. But the decision does not prevent mineral development, and Greenland continues to approve mining projects under its own legislation.

Greenland most recently approved mining and closure plans for US firm Critical Metals' Tanbreez rare earths project through to September 2050. The permit covers 19 elements, including the heavy rare earths terbium, dysprosium and yttrium.


Teilen

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more