Financial institutions and investors have urged the European Union to maintain its opposition to new Arctic oil and gas drilling, as the bloc weighs revising its stance to prioritise energy security…
Financial institutions and investors have urged the European Union to maintain its opposition to new Arctic oil and gas drilling, as the bloc weighs revising its stance to prioritise energy security.
The call highlights investor unease that the energy crisis triggered by the U.S.-Israeli war with Iran could be used to justify rolling back climate commitments, as governments focus on securing supplies.
Nordea Asset Management, part of Nordic lender Nordea, and 11 other financial institutions were among signatories urging the European Commission on Wednesday not to weaken its stance, warning it would undermine both climate goals and long-term energy security.
New Arctic fossil fuel developments would take more than a decade to come online, making them ineffective in addressing the current crisis, said the letter, organised by the Nordic Center for Sustainable Finance and Danish pension fund Sampension and also signed by civil society groups and scientists.
"The Arctic is one of the planet's most vulnerable ecosystems and home to unique wildlife .... Further oil and gas expansion would add pressure to these globally significant ecosystems, by increasing the risk of oil spills and leakages," the letter said.
Oil spill simulations suggest more than 90% of spilled oil in certain fields
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