International Energy Agency Executive Director Fatih Birol has called on the EU to reconsider its ban on drilling for oil and gas in the Arctic, underscoring that it could jeopardize Europe's energy security, Bloomberg reported on Friday.
He told reporters on Thursday evening after meeting Norway's Finance Minister Jens Stoltenberg that "The world needs every drop of oil from Norway." and said the issue was of vital importance for European energy security.
Norway, not an EU member, is calling for an end to the moratorium through a policy update that's likely to come later this year. The original ban was implemented in 2021, the article said.
Critics say relaxing Arctic drilling rules will make no difference in the short term while the Iran war drags on and that such activity would endanger an ecosystem already under threat. Six unspecified institutional investors echoed that view, saying member states needed to be steadfast in their environmental commitments, the article said.
has reached out to the IEA seeking comment.
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