More than a dozen Nordic investors and financial institutions have urged the EU not to drop its opposition to new oil and gas drilling in the Arctic.
The appeal has come as the EU weighs revising its stance to prioritise energy supply, after the US-Israeli war with Iran disrupted global energy markets and sent European gas prices surging.
In an open letter sent on 27 May to five European commissioners, the signatories said they feared Brussels might soften its position. Nordea Asset Management, part of the Nordic lender Nordea, was among 12 financial institutions to sign.
The letter described the Arctic as one of the most vulnerable ecosystems on the planet and said further drilling would raise the risk of oil spills and leakages. Spill simulations suggest more than 90% of any oil released in certain parts of the Barents Sea could not be recovered, it said.
The group also pointed to security risks. It argued that the Barents Sea’s closeness to Russian territory and the Northern Sea Route makes energy infrastructure a possible target for hybrid warfare.
“If oil and gas flowing from the Norwegian part of the Arctic becomes crucial for Europe’s energy security, it would make the infrastructure even more attractive as targets for sabotage and make the EU vulnerable to such attacks,” the letter said.
Instead of new drilling, the signatories called for the EU to electrify its economy and transport and to expand its own clean energy production.
