The International Energy Agency urges the EU to reconsider the ban on Arctic drilling

Golden Ten Data reported on July 10 that Fatih Birol, Executive Director of the International Energy Agency, urged the European Union to reconsider its ban on drilling for oil and natural gas in the Arctic, challenging the EU’s longstanding opposition to new fossil fuel development in the region. After meeting with Norway’s finance minister in Brussels on Thursday evening, Birol told reporters: “I support the European Commission in closely monitoring this issue, as it is crucial for Europe’s energy security. The world needs every drop of oil from Norway.” Although Norway has never joined the EU, it continues to push for the bloc to lift the ban on new oil and gas drilling in the Arctic in its policy update expected this year. The ban was first implemented in 2021. While the aftermath of the Iran war has provided justification for European energy independence, critics argue that relaxing Arctic drilling rules will be useless in the short term and would further endanger an already fragile ecosystem. This week, six institutional investors joined in calling on the EU to uphold its opposition, stating that member states must continue to be committed to the green transition. Støre reiterated Norway’s stance on lifting the ban in the EU when appearing alongside Birol.