Norway’s Supreme Court hears arctic mining licensing case

Two environmental movements, the Norwegian branch of Greenpeace and the Nature and Youth movement, brought the action to court. If environmentalists succeed with their objections, the expansion of the entire mining sector, which is one of Norway’s key sources of wealth, risks being curbed.

Greenpeace representatives rely on the Norwegian Constitution, which says that everyone has the right to a healthy environment. “And we will not protect that if we continue to extract more and more oil. We really hope and expect the Supreme Court to rule in our favor, Frode Pleym, head of Greenpeace’s Norwegian branch, told Reuters.

Environmentalists are turning to the supreme court after lower courts ruled in 2016 that 10 licenses for oil production in the Barents Sea had been granted by the Norwegian government in accordance with the law. According to the Norwegian public prosecutor Fredrik Sejersted, the government’s decision at the time was made on the basis of a detailed legal analysis and thus does not in any way contravene the Norwegian legal order or the Constitution.

But conservationists argue that Norway‘s mining industry is the country’s largest emitter of greenhouse gases. Nor can it be an excuse that it is a source of considerable wealth, among other things, for Norway’s public finances.

author avatar
EditorialTeam
The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

Top 10 financial instruments for 2022. What will their prospects be in 2023?

The year 2022 has brought countless surprises and obstacles...

Telegram scams: how they work and how to protect yourself

Telegram has become one of the most widely used...

Trump Saved TikTok from a Ban. The App in the U.S. Moves into American Hands

TikTok narrowly avoided a ban in the United States...

Gulf Brokers Ltd. Review

Comparing spreads, commissions, trading platforms, rules and reading dozens...

Climate Change Poses Major Risks to Financial Markets, Regulator Warns

WASHINGTON — A top financial regulator is opening a...

AI Boom Beyond Nvidia stock: Which Lesser-Known Equities Are Riding the Wave?

For many investors, Nvidia stock has become almost synonymous with the...

FT: EU plans to remove barriers for banks’ cross-border capital flows

The European Union plans to remove barriers for banks...

Why find a credit card with a lower APR?

Credit cards can be useful financial tools. They make...

SpaceX on Wall Street: a historic IPO and the first trading days

The SpaceX listing ranked among the largest IPOs in history, raising $85.7 billion. Massive investor demand expanded the capital that the company will now use to finance its next phase of development.

CD Ladder Calculator: How to Build a Smarter Savings Strategy

A CD ladder calculator can help savers plan how to earn...
spot_img

spot_imgspot_img