Jacob Rees-Mogg has insisted a new licensing round for oil and gas exploration will boost the UK’s economy and energy security.
Speaking as the regulator began a new round of offshore licences, the business and energy secretary said Vladimir Putin‘s latest invasion of Ukraine makes it “more important than ever that we make the most of sovereign energy resources, strengthening our energy security now and into the future”.
Producing gas in the UK has a lower carbon footprint than importing from abroad, and will support jobs and boost the economy, he said.
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Licences are being made available for sectors of the North Sea, known as blocks, with the North Sea Transition Authority (NSTA) estimating over 100 may be granted.
The decision defies warnings from the world’s leading energy organisation, the International Energy Agency, that no new fossil fuel project is compatible with efforts to curb global heating, which is driven primarily by burning fossil fuels.
An analysis of the UK’s untapped North Sea oil and gas fields by US-based Global Energy Monitor warned just yesterday that developing even one of them would run counter to the UK’s climate goals.
The decision to plough on with new licensing has prompted significant backlash from environmentalists.
“Yet again this government’s energy policy benefits fossil fuel companies and no one else,” said Philip Evans, energy transition campaigner for Greenpeace UK.
“Supporting the oil and gas giants profiteering from the energy and climate crises ignores the speedy solutions that are best for the economy, for lowering bills and for the climate,” he added. Mr Evans said energy-efficient homes and renewable power would lower bills and improve energy security faster, while also reducing emissions.
Experts say the new oil and gas would take at least five years to come on stream, but the government says its vital to explore all energy options, amid warnings the UK could face blackouts this…
Source : skynews
