The Icelandic government will not introduce legislation to ban oil exploration in the country’s exclusive economic zone, according to a statement by Prime Minister Kristrún Frostadóttir. This announcement was first reported by the Icelandic news outlet Heimildin.
Frostadóttir also indicated that investors interested in further seismic research or exploration activities have the opportunity to apply to authorities, stating that such initiatives will not encounter resistance from the government.
Calls for a clear government stance on oil and gas exploration have been recently raised. Sigmundur Davíð Gunnlaugsson formally asked the government to clarify its policy on the issue. The Social Democratic Alliance’s policy statement, meanwhile, says Icelandic law should forbid drilling for fossil fuels on Icelandic territory, according to Vísir.
Debate about Iceland’s strategies for carbon neutrality continues as well. Jóhann Páll Jóhannsson, Minister of Environment, Energy and Climate, has expressed doubts about meeting the government’s target of carbon neutrality by 2040, stating, “I doubt Iceland can reach carbon neutrality by 2040.” He added that abandoning the 2040 goal without careful analysis would be irresponsible, in part due to the public image built around Iceland’s environmental ambitions.
Questions remain about other international commitments. As reported by Vísir, the EEA (European Economic Area) agreement has been a major international framework for Iceland for over thirty years, helping to open markets and encourage trade across Europe. Vísir suggested it may be time for Iceland to reassess its position on the agreement, but it is not yet known if or when this reassessment might occur.
