Concerns over rising sea level is forcing Greenland to ban future oil explorations.
Time Magazine says the decision to abandon oil exploration comes amid increasingly alarming rising average in sea levels to about 9 inches since 1880!
About a quarter of that, increase comes from ice melting in the Greenland and Antarctica ice sheets.
Greenland’s west coast alone is estimated to contain about 18 billion barrels of oil.
The U.S. Geological Survey has previously estimated that there may be double that volume in crude and natural gas in the east.
Officially, Greenland says it dropped all plans for future oil exploration because price of extraction was “too high.”
“The island’s socialist-led government has made climate concerns central to its legislative program.
“While the decision to scrap planned exploration is a win for environmental groups, it cuts off potential investments that could have aided efforts to gain economic independence from Denmark,” says Time.
