The island's government says it 'wants to take co-responsibility for combating the global climate crisis.'
Greenland's government has decided to suspend all oil exploration off the island as a"natural step" in its commitment to taking"the climate crisis seriously," the Associated Press reported.
As global warming continues to cause ice to retreat around the island, oil and mineral reserves could emerge, and the resulting revenue could decrease Greenland's dependence on the subsidy. However, Greenland's left-leaning government said it"wants to take co-responsibility for combating the global climate crisis."
The U.S. Geological Survey estimates there could be 17.5 billion undiscovered barrels of oil and 148 trillion cubic feet of natural gas off Greenland, although the island's remote location and harsh weather have limited exploration. Greenland still has four active hydrocarbon exploration licenses, which it is obliged to maintain as long as the licensees are actively exploring. They are held by two small companies.
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