business
Six More European Investors Oppose Norway Arctic Drilling Plans
Swedbank Robur Fonder AB, Sarasin & Partners LLP, Ircantec, West Yorkshire Pension Fund, KBI Global Investors and Länsförsäkringar AB joined earlier opponents in urging priority for energy transition over Arctic oil and gas expansion. Norway is lobbying the EU to lift its de facto drilling ban after the Strait of Hormuz closure.
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Six financial institutions from Northwestern Europe have voiced opposition to Norway’s plans to expand Arctic oil and gas drilling. com reported. The six join a dozen other financial institutions, most from Scandinavia, that earlier this year called for resistance to Norway’s Arctic drilling plans.
Those institutions wrote to the European Commission that further oil and gas expansion would increase the risk of spills and leakages in one of the planet’s most vulnerable ecosystems. The EU maintains a de facto ban on Arctic drilling. Norway is not an EU member but complies with much EU regulation and is the bloc’s biggest natural gas supplier.
Norway has been lobbying Brussels to reconsider the ban after U.S. and Israeli strikes on Iran prompted Iran to close the Strait of Hormuz. Norwegian Prime Minister Jonas Gahr Støre said last month that a moratorium on Arctic drilling was not an informed position.
Norway is seeking to present its Arctic natural gas resources as an energy security asset rather than a climate concern while aiming to replace falling output from mature North Sea fields.
