The Danish government will stop issuing new licenses for the development of oil and gas fields in the North Sea. The country will completely stop hydrocarbon production by 2050, according to Bloomberg.
The Danish government reached an agreement with parliament late Thursday night to abandon a previously scheduled eighth round of licensing, as well as any new intelligence work, said Climate and Energy Minister Dan Jorgensen.
“We are the largest oil producer in the European Union, and therefore this solution will find a response around the world,” he said.
Conditions for oil and gas companies currently operating in Danish waters will remain unchanged until production stops in 2050. The ministry estimates that the decision will cost the country about 13 billion kroons ($ 2.1 billion).
Denmark has repeatedly declared itself a world leader in climate issues and has already announced a number of the world’s most ambitious goals to reduce air emissions. The country aims to reduce greenhouse gas emissions by 70% by 2030 and reach zero by 2050.
“Now we’re going the other way,” Jorgensen told the Financial Times. He hopes to “set an example” by urging other countries to abandon fossil fuel production as well.
Oil production in Denmark in 2020 is expected to be 83 thousand barrels per day, natural gas – the equivalent of 21 thousand barrels.
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