Publication:

The Hamilton Spectator - 2021-10-14

Data:

EU seeks ban on Arctic energy projects

BUSINESS

EWA KRUKOWSKA AND JOHN AINGER

The European Union is seeking an international ban on all new oil, gas and coal projects in the Arctic as part of its efforts to tackle climate change. The European Commission’s outline of its Arctic strategy comes just days before crucial United Nations climate talks that some see as the last opportunity to control catastrophic global warming. The bloc will seek an “international agreement on a moratorium” on energy projects in the Arctic, environment commissioner Virginijus Sinkevicius told Bloomberg. “This is the make or break decade in the fight against the climate and biodiversity crises. Our generation has the unique and only opportunity to change the world and the Arctic is at the centre of this change.” The new strategy will aim to promote the EU’s climate ambitions while protecting its strategic interests in the Arctic. The region, however, is a source of energy for Europe, which imports about 87 per cent of the liquefied natural gas produced in the Russian Arctic. Europe is currently grappling with an unprecedented energy crisis, partly due to a shortage of gas supply, which is boosting household bills and pushing some industries to curtail production. Major energy companies are expanding fossil-fuel production in the Arctic even as warnings grow about the melting ice cap due to man-made rise of temperature. Gazprom PJSC, ConocoPhillips and TotalEnergies SE are among firms expanding in the region, with production of oil and gas set to climb 20 per cent over the next five years, Reclaim Finance said in a report last month. The Arctic covers parts of three EU member states — Sweden, Finland and Denmark, through Greenland — as well as Canada, Iceland, Norway, Russia and the U.S. Partial moratoriums on hydrocarbons exploration have already been imposed by the U.S. and Canada, and the EU will need to focus its diplomatic campaign on Russia. A ban on imports of fossil fuels produced in the Arctic would be in line with the EU’s Green Deal.

Images:

© PressReader. All rights reserved.