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Photo: Ulrik Pedersen/NurPhoto via Getty Images

Greenland announced Friday that it will suspend all oil exploration, saying the territory "takes the climate crisis seriously."

The big picture: While no oil has been found yet, many had hoped potential vast reserves could "help Greenlanders realize their long-held dream of independence from Denmark by cutting the annual subsidy of 3.4 billion kroner ($540 million) the Danish territory receives," AP notes.

  • The U.S. Geological Survey estimates there could be 17.5 billion undiscovered barrels of oil off the territory.

What they're saying: “As a society, we must dare to stop and ask ourselves why we want to exploit a resource. Is the decision based upon updated insight and the belief that it is the right thing to do? Or are we just continuing business as usual?," Naaja Nathanielsen, Greenland's minister of natural resources, said in a statement.

  • "It is the position of the Greenlandic government that our country is better off focusing on sustainable development, such as the potential for renewable energy.”

Go deeper

Ben Geman, author of Generate
Sep 20, 2021 - Energy & Environment

Shell to sell Permian assets to ConocoPhillips in major shale deal

Photo: Chet Strange/Bloomberg via Getty Images

Royal Dutch Shell is selling its assets in the prolific Permian Basin shale oil-and-gas basin in Texas to ConocoPhillips for $9.5 billion.

Why it matters: Monday's announcement latest of several big deals in the U.S. oil sector that are bringing consolidation to the shale sector.

Brazil's health minister tests positive for COVID during UN summit in N.Y.

President of Brazil Jair Bolsonaro (L) and Health Minister Marcelo Queiroga in Brasilia, Brazil, in May. Photo: Andressa Anholete/Getty Images

Brazil's Health Minister Marcelo Queirog has tested positive for COVID-19 while in New York City for the United Nations General Assembly (UNGA), he confirmed Tuesday night.

Why it matters: Hours earlier, Queirog had accompanied Brazilian President Jair Bolsonaro to the UNGA. The Biden administration expressed concern last week that the gathering of world leaders could become a coronavirus "superspreader event."

Updated 2 hours ago - Politics & Policy

Trump sues New York Times and his niece over tax report

Former President Trump hosting a boxing match in Hollywood, Florida on Sept. 11. Photo: Chandan Khanna/AFP via Getty Images

Former President Trump filed a $100 million lawsuit against the New York Times and his niece Mary Trump on Tuesday over the news outlet's 2018 reporting on his tax records, the Daily Beast first reported.

Details: The suit, filed in New York's Dutchess County, alleges NYT journalists "engaged in an insidious plot to obtain confidential and highly-sensitive records" and that they "convinced" Mary Trump to "smuggle records out of her attorney's office and turn them over to The Times."