Greenland seeks more EU investment amid US and Chinese interest
Published on 05/02/2025
Greenland's national debate about independence will consider negotiating better terms in its relationship with Denmark and securing more significant investment from the EU.
As it faces a push for a takeover by US President Donald Trump, Greenland's pro-independence leaders are being forced to seriously consider the implications of no longer being attached to Denmark at a time of serious geopolitical peril.
“Indeed, we are talking about independence, but what does independence mean? No one is truly independent," said Maliina Abelsen, chair of Greenland’s largest company, Royal Greenland — a state-owned fishing company that represents over 95% of Greenland’s exports.
Between its reserves of critical minerals including graphite, rare earths, nickel, and gold, its supply of natural gas, and an Arctic location that serves as a gateway for Russian vessels and nuclear submarines, Greenland is increasingly vital for European and US economic and military security.
Given the competition, Abelsen said Greenland needs to ensure that future investment allows the national government input into regulation, rather than offering outside corporations a free-for-all.
The EU opened a consulate in Nuuk last year with the objective of improving investment. But mining for Greenland’s natural wealth demands long-term investment, thus carrying a risk that some exploitation projects won’t yield the desired return, and many companies say the EU is unduly slow and has historically been reluctant to make any substantial investments.
Open for business
"The EU has been looking towards Greenland for years for critical minerals, and they’ve brought the EIB into Greenland to take a look, but we see only very few projects where the EIB is actively engaged," said Bent Olsvig Jensen, Managing Director of Lumina Sustainable Materials.
"Certainly, none in the last few years."
According to Olsvig-Jensen, part of the problem is the EIB’s strict investment rules, which he said leave opportunities open for others, such as China or the US, to exploit.
"The EIB can engage when the project becomes commercial, and basically, none has made it that far except for us."
From 2011 to 2016, Olsvig-Jensen was the CEO of companies such as True North Gems Greenland, which originally obtained the exploitation license for the Ruby Mine.
"If the EU want to position themselves in Greenland, they need to act faster," he told Euronews. @Greenland is not closed to business; on the contrary, we are open."