Denmark has just taken a significant step to lead the world on addressing climate change. The country announced that it will phase out all oil and gas exploration contracts in the North Sea by 2050. It’s the first major oil-producing country to take such a big step.

Following a December 3 vote, the Danish parliament has issued a near-total ban on companies receiving new licenses to hunt for and extract oil. The agreement will also cancel an eighth round of licensing that was set to occur. Licenses that were issued before the vote will be honored until 2050.

“We’re the European Union’s biggest oil producer and this decision will therefore resonate around the world,” Danish climate minister Dan Jorgensen said on Thursday.

The move to end oil and gas contracts by 2050 is not going to be cheap as it’s estimated to cost Denmark $2.1 billion, but the country appears ready to foot […]