The government of Greenland has decided to suspend all oil exploration off the world's largest island, calling it "a natural step" because the Arctic government "takes the climate crisis seriously." Global warming means that retreating ice could uncover potential oil and mineral resources which, if successfully tapped, could dramatically change the fortunes of the semi-autonomous territory of 57,000 people. 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 licences, which it is obliged to maintain as long as the licensees are actively exploring. The government's decision to stop oil exploration was welcomed by environmental group Greenpeace, which called the decision "fantastic."

Source: CBC News July 16, 2021 12:56 UTC