For years there has been talk about the exploitation of the Arctic to remove the oil reserves and the rest of the natural gas that it houses. However, according to experts, it appears that fossil fuel reserves are going to stay underground, since their extraction is not profitable.
The renewable energy landscape is pushing the bet for cheaper and cleaner energy and diverting attention from fossil fuels. What will happen to the Arctic oil?
Most fossil fuels the Arctic is home to -30% of undiscovered gas reserves and 13% of oil reserves- they will not be extracted, since it is not profitable. This makes it possible to begin to affirm that the era of fossil fuels is coming to an end and that we will enter a new one dominated by renewable energies.
Experts make the comparison with our ancestors, referring to the stone age. “Just as we went from the stone age to that of gold, leaving many stones along the way, we will go from the era of oil to that of renewables. leaving a lot of crude oil at the bottom of the earth, including the one in the Arctic "
Since the Arctic is a very difficult area, extracting oil and gas would be very expensive. With renewables being more competitive and efficient every day, betting on fossil fuels is not economical at all.
All countries have already realized this in one way or another, Norway has just opened a study commission on its energy model in which it takes for granted that it is not going to remove all the hydrocarbon that it has and that it has to diversify its Gross Domestic Product by generating another type of wealth from renewables.
Thanks to renewable energy, the era of fossil fuels will soon be over.