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, 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 Dan Jorgensen. “We’re the European Union’s biggest oil producer and this decision will therefore resonate around the world. We want to be climate neutral in 2050. And if we are to have any credibility in that, then this is a necessary decision,” he added.
Greenpeace Denmark described the announcement as a “watershed moment”.
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 an analysis by UK oil giant BP
There are 55 drilling platforms on its territory, across 20 oil and gas fields.
The decision will cost Denmark about 13 billion kroner (£1.1bn). According to estimates by the energy ministry, it said this amount was subject to substantial uncertainty.
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.
Governments around the world have also committed to taking 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.
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.
Source: www.bbc.com
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