The government of Denmark recently annulled all her latest licensing for firms to explore for oil and gas in the country.
“We are now putting a final end to the fossil era,” announced Denmark’s climate minister.
Advocacy groups such as Greenpeace Denmark lauded the idea as being “watershed moment”.
Denmark is pulling out of the oil and gas business when they are already the largest oil producer in the European Union. However, their production is less compared to Non EU members such as UK and Norway.
According to analysis conducted by BP, Denmark produced 103,000 barrels of oil a day in 2013. There are currently a total of 55 drilling platforms in Denmark on 20 oil and gas fields.
“We’re the European Union’s biggest oil producer and this decision will therefore resonate around the world,” said Dan Jorgensen the Danish climate minister on Thursday.
This bold decision will cost Denmark approximately £1.1 billion according to figures provided by the energy minister.
This is an historic move for a substantial oil producer. The country has earned billions of dollars from oil in Denmark’s North Sea.
Approximately over 4,000 people depend on oil and gas mostly in the west coast of Denmark for their livelihood.
Denmark is investing more in the wind sector offshore to compensate for the jobs lost in the oil and gas industry.
Denmark “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,” BBC report.
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