Norway refuses to drill for billions of barrels of oil in Arctic, leaving ‘whole industry surprised and disappointed’

The move, by the opposition Labour party, creates a large parliamentary majority against oil exploration in the sensitive offshore area, illustrating growing opposition to the polluting fossil fuel, which has made the country one of the world’s most affluent.Labour’s opposition, announced by its leader, Jonas Gahr Store, exposes a rift in the party as the leadership tries to reflect the population’s rising environmental concerns, while also aiming to support workers’ unions in the oil industry, which have been major backers of the party.It is the latest indication that wealth accumulated through fossil fuels is being redirected towards future profits in renewable energy. Greater numbers of industries and countries have begun fossil fuel divestment strategies, citing future risks to their business and economic models.