Greenland halts new oil exploration to combat climate change and focus on sustainable development

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.  Greenland is believed to have massive amounts of unexplored oil deposits. One study cited in the statement estimated that there were billions of barrels worth of oil along the country's west coast and large deposits under the east coast's seabed.