A group of Nordic pension and sustainability organisations have welcomed the European Union’s (EU) decision to continue opposing fossil fuel expansion in the Arctic.

In an open letter to the EU Commission earlier this year, the group led by Sampension and Mellemfolkeligt Samvirke urged the EU to maintain its position and argued that investing in oil and gas in the Arctic would entail significant risks for Europe.

The signatories included 18 investors with total assets under management (AUM) of over €1trn, including Nordea, Swedbank and KLP.

This week, a spokesperson for the European Commission confirmed to both Euronews and NRK that the EU will maintain its opposition to new oil and gas extraction north of the Arctic Circle in its revised Arctic Strategy, which will be published on 20 October 2026.

“We welcome the EU's decision to maintain its position on oil and gas in the Arctic,” said Sampension chief ESG officer, Jacob Ehlerth Jørgensen.

“We firmly believe that Europe's long-term energy security can be strengthened more effectively and with fewer risks through investments in electrification, renewable energy and modern energy infrastructure than through new oil and gas projects in the Arctic.”

Norway’s KLP praised the “wise decision” by the EU, which it said would help avoid the risks associated with climate change affecting investments.

“We are concerned with long-term value creation on pension funds from Norwegian municipalities and health institutions,” stated KLP vice president sustainability, Heidi Finskas.

“We believe this is best ensured through an energy system that strengthens energy security within the framework of Norway's, the EU's and the world's long-term climate and nature goals."

---