Investors urge EU to maintain Arctic drilling ban

A coalition of financial institutions and investors has urged the European Union to maintain its opposition to new oil and gas drilling in the Arctic, even as the bloc faces energy security pressures. The call comes as the European Commission reviews its Arctic policy amid a global energy market disruption.

In a letter organized by the Nordic Center for Sustainable Finance and Danish pension fund Sampension, a dozen Nordic financial institutions, including Nordea Asset Management, joined civil society groups, scientists, and over 130 individual signatories to warn against weakening the EU's stance. They argue that new Arctic fossil fuel developments would take more than a decade to become operational, making them ineffective in addressing the current energy crisis. The letter states that such a move would undermine long-term energy security and climate goals.

The signatories highlighted significant environmental risks, calling the Arctic one of the planet's most vulnerable ecosystems. They warned that further expansion would increase the risk of oil spills and leakages, causing irreversible damage. The letter cited oil spill simulations indicating that more than 90 percent of...