Greenland halts new oil exploration to combat climate change and focus on sustainable development By Li Cohen July 16, 2021 / 7:46 PM / CBS News Greenland has suspended all new oil and gas exploration, the country's government announced Thursday. Government officials said they believe the "price of oil extraction is too high," citing both economic considerations and the fight against climate change. "This step has been taken for the sake of our nature, for the sake of our fisheries, for the sake of our tourism industry, and to focus our business on sustainable potentials," the government, called Naalakkersuisut, said in a statement. Oil barrels are seen in this July 17, 2007 file photo in Kulusuk, Greenland near the arctic circle as Denmark raced to claim the potentially vast oil and other resources of the North Pole region.