A Nordic coalition of financial institutions, trade unions and climate scientists issued a stark warning to the European Commission on Wednesday, calling on European Union leaders to maintain its existing ban on new Arctic oil and gas drilling as the bloc is revising its policy in the region.
In an open letter to five European Commissioners, the group urges Brussels not to soften its stance, fearing the bloc may be reassessing its opposition to Arctic drilling, citing previous media allegations "with concern".
Since 2021, the EU has supported a global ban on new oil and gas drilling as part of its Arctic policy for environmental reasons. But the EU is currently revising its regional strategy in the Arctic, prompting critics of new fossil fuel drilling ventures to speak out.
The letter's premise lies in both environmental concerns and potential security threats to Europe, given its proximity to Russian territory, where Moscow often boasts nuclear drills.
It argues that the changing geopolitical situation has heightened the security risks in the Barents Sea, with oil and gas infrastructure being potential targets for hybrid warfare due to the proximity to Russian territory and the Northern Sea Route.
