The Danish Parliament has introduced that it’ll cancel all future licensing rounds for brand spanking new oil and gasoline exploration and manufacturing permits within the Danish a part of the North Sea and finish current manufacturing by 2050.

As a significant oil-producing nation within the EU, Denmark’s announcement is a landmark choice in direction of phasing-out fossil fuels in Europe.

The authorities of Denmark additionally agreed to allocate cash to
safe a simply transition for impacted staff.

The authorities, the Liberal Party, the Radical Left, the Danish Party, the Socialist Party, and the Conservatives entered right into a mutual settlement on the way forward for the North Sea, which units a brand new inexperienced path consistent with the Climate Act’s objective.

In addition to the top date in 2050, based on which it
will now not be potential to extract oil and gasoline within the Danish a part of the
North Sea, the settlement entails the cancellation of each the eighth and all
future licensing rounds.

This additional implies that the remaining guidelines are locked in
such a means as to create safety for current manufacturing.

To date, Denmark would be the largest producer of oil and gasoline which set an finish date for manufacturing. The nations which have taken related steps to date have been smaller producers.

The predominant rationale behind the choice is to make use of it as a springboard
for a worldwide management function within the work on the phasing out of oil and gasoline.

Minister of local weather, power and provide Dan Jørgensen, stated: “I’m very happy that we now have a broad settlement on the way forward for the North Sea, and I wish to thank the events for his or her constructive method to the negotiations.

The settlement units a brand new, inexperienced course for the North Sea, and on the similar time strikes a very good steadiness, and it advantages everybody. We at the moment are placing an finish to the fossil period, and drawing a straight line between our actions within the North Sea and the Climate Act’s objective of local weather neutrality in 2050”.

The business is considerably secured whatever the choice.
Namely, the Esbjerg space will nonetheless develop and be developed, there can be a
collaboration with the business on potential electrification of the prevailing
manufacturing, in addition to creating an initiative on CO2 storage within the North Sea.

It is extremely essential that we now have a broad majority behind the settlement in order that there isn’t a longer any doubt […]. In the Esbjerg space, particularly, there are a lot of individuals employed within the sector, and now there may be peace of thoughts in order that the businesses and buyers concerned within the North Sea have a steady framework to work inside.

At the identical time, we are going to repeatedly assist the people who find themselves presently employed within the oil business to new job alternatives, e.g. by way of persevering with schooling. The settlement comprises thrilling alternatives to make the most of the previous oil and gasoline fields for CO2 storage, the place there may be additionally nice job potential, even in the identical space and for a similar skilled teams“, Jørgensen added.

‘A watershed second’

For greater than 80 years Denmark allowed exploration for
hydrocarbons. The first industrial discovery was made in 1972.

On the Danish continental shelf within the North Sea, there are
55 platforms scattered throughout 20 oil and gasoline fields. French oil main Total is
answerable for manufacturing in 15 of those fields, whereas UK-based Ineos operates
in three of them whereas Hess and Wintershall Dea function one every.

In 2019, Denmark produced 103,000 barrels of oil per day,
making Denmark the EU’s second-largest producer after the UK. Denmark will
seemingly take first place after the completion of Brexit. In the identical 12 months,
Denmark produced a complete of three.2 billion cubic meters of fossil gasoline.

According to knowledge from an announcement by Greenpeace, Danish oil
and gasoline manufacturing is projected to extend over the approaching years earlier than
peaking in 2028 and 2026 respectively and can begin declining thereafter.

Helene Hagel, head of local weather and environmental coverage at Greenpeace Denmark, stated: “This is a watershed second. Denmark…

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