Bermuda Post

Thursday, Mar 28, 2024

Denmark set to end all new oil and gas exploration

Denmark set to end all new oil and gas exploration

Denmark will end all new oil and gas exploration in the North Sea, as part of a wider plan to stop extracting fossil fuels by 2050.

Its government also agreed to cancel its latest licensing round on Thursday, which gives firms permission to search for and produce oil and gas.

"We are now putting a final end to the fossil era," said Denmark's climate minister.

Greenpeace Denmark described the announcement as a "watershed moment".

However, the country's latest licensing round was facing uncertainty, after Total of France pulled out in October, leaving only one other applicant.

Denmark is currently the largest oil producer in the European Union, although it produces much less than non-EU members Norway or the UK.

It pumped 103,000 barrels a day in 2019, according to analysis by UK oil giant BP

There are 55 drilling platforms on its territory, across 20 oil and gas fields.

"We're the European Union's biggest oil producer and this decision will therefore resonate around the world," Danish climate minister Dan Jorgensen said on Thursday.

The decision will cost Denmark about 13 billion kroner (£1.1bn), according estimates by the energy ministry, though it said this amount was subject to substantial uncertainty.

A historic milestone


By Adrienne Murray, Denmark

This move marks a historic milestone. No other sizeable oil producer has taken such a step, Dan Jorgensen tells the BBC.

Denmark has been positioning itself as a frontrunner fighting climate change, but its oil production had presented a dilemma.

Since the 1970s, Denmark has earned billions of dollars from its North Sea oil. That's also helped finance the country's generous welfare state.

"We want to be climate neutral in 2050. And if we are to have any credibility in that, then this is a necessary decision," says Mr Jorgensen.

When the current government came to power, Prime Minister Mette Frederiksen called it "the first climate election".

But recently it has faced criticism for not taking more ambitious steps to reach its climate goal. This latest decision now sends a stronger message.

Economic factors have played a role. Lower oil prices and higher costs have seen interest wane in the latest round of oil bloc tenders.

Even so, about 4,000 jobs depend on the sector - mostly on Denmark's west coast.

As part of the new plan, Mr Jorgensen says carbon capture and storage technology will be developed in the area, and new job creation will come from the country's growing off-shore wind sector.

'Green frontrunner'


Denmark is regarded as having one of the world's most ambitious climate targets.

It aims to reduce greenhouse gas emissions from 1990 levels by 70% by 2030, as well as reach net zero emissions by 2050 - both targets which have been passed into law.



Helene Hagel, head of climate and environmental policy at Greenpeace Denmark, said that the new announcement meant "the country can assert itself as a green frontrunner and inspire other countries to end our dependence on climate-wrecking fossil fuels.

"This is a huge victory for the climate movement and all the people who have pushed for many years to make it happen."

Governments around the world have also committed to take further action on climate change as part of a wider plan to meet the goals of the Paris Agreement.

The UK will aim to cut its carbon emissions by at least 68% of what they were in 1990 by the end of 2030, Prime Minister Boris Johnson announced on Friday.

Scientists have said, however, that even if the UK and other nations keep their promises on cutting emissions there was no guarantee the world would avoid serious global warming.

Newsletter

Related Articles

Bermuda Post
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
'I just lost it' Lowe’s worker fired after 13 years of employment for confronting thieves trying to steal $2K of merchandise
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
×