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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
Oct 12, 2021 - Energy & Environment

Report: Oil execs split on decarbonization plans

Illustration: Aïda Amer/Axios

A lot of discussion about oil companies' climate efforts compares U.S. and European majors, but a new report shows there's no strategic consensus in the wider industry.

Driving the news: Deloitte's analysis says separate approaches have emerged as companies prepare for long-term declines in demand in a world that will still likely use huge amounts of oil for decades.

10 mins ago - World

Biden will move U.S. troops to Eastern Europe "in the near term"

President Biden boards Air Force One at Joint Base Andrews on Jan. 28. Photo: SAUL LOEB/AFP via Getty Images

President Biden said on Friday he plans to move U.S. troops to Eastern European and NATO countries “in the near term.”

Driving the news: “Not too many” U.S. troops, Biden added in remarks to reporters at Joint Base Andrew upon returning from a trip to Pennsylvania. 

Updated 34 mins ago - Energy & Environment

Bomb cyclone prompts blizzard warnings from Virginia to Maine

Computer model projection showing the intense storm off of Cape Cod on Jan 29, 2022, with heavy snow and strong winds lashing the coastline. (Weatherbell.com)

Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine as a potentially historic winter storm is set to slam the Mid-Atlantic and Northeast beginning Friday.

Why it matters: The storm will bring hazards ranging from zero visibility amid hurricane force wind gusts and heavy snow, to coastal flooding that will erode vulnerable beaches and threaten property from the Jersey shore to coastal Massachusetts.