EU Stands Firm Against Arctic Oil and Gas Drilling Despite Energy Crisis

AI Summary

The European Union reiterated its opposition to oil and gas development in the Arctic, citing environmental risks, despite depleted gas storage and elevated prices ahead of winter. Its new Arctic strategy calls for leaving fossil fuel reserves underground, while reportedly softening a previous commitment related to pursuing an international agreement.

The European Union reaffirmed its opposition to Arctic oil and gas development on Tuesday, even as the bloc prepares for another expensive winter with depleted gas storage and prices approaching levels last seen during the 2022 energy crisis. The European Commission's new Arctic strategy calls for keeping oil, coal, and gas reserves in the ground, including in Arctic regions, and preventing hydrocarbon developments that threaten the Arctic ecosystem. Brussels did make one concession. The new strategy drops a 2021 pledge to pursue an international…