EU still committed to keeping oil, coal and gas in ground in Arctic, new strategy says
XLE•The EU’s new Arctic strategy says it remains committed to keeping oil, coal and gas in the ground, but drops a 2021 pledge to seek a multilateral ban on further hydrocarbon development in the region.
1. Strategy keeps core pledge
The European Union remains committed to ensuring oil, coal and gas stay in the ground, including in Arctic regions, under a new strategy presented by the European Commission and EU foreign policy chief Kaja Kallas. The document says the Commission will work with partners to protect the Arctic environment and prevent hydrocarbon reserve development that threatens its ecosystem.
2. Earlier pledge omitted
The strategy does not repeat a 2021 pledge to work toward a multilateral legal obligation against further hydrocarbon development in the Arctic or contiguous regions, or buying products from those developments. An EU official said it had become harder to secure multilateral decision-making given the positions of various players.
3. Norway seeks policy shift
Norway has urged the EU to drop its opposition to new Arctic drilling. With many ageing fields, Norwegian production is set to decline in the 2030s unless companies such as Equinor make discoveries outside mature areas.
