According to a recent analysis, exploiting new oil and gas reserves is “radically at odds” with the United Kingdom’s pledges to combat climate change.
Global Energy Monitor (GEM) researchers also determined the greenhouse gas emissions if all North Sea reserves were exploited and burned.
They predicted that the United Kingdom would surpass its legally mandated carbon budget by nearly double.
Soon, a new licensing round for North Sea oil and gas will commence.
The analysis examined the reserves in the 21 major oil and gas areas in the North Sea that have been licensed and are awaiting final approval. If these deposits were harvested and burned, 920 million tonnes of carbon dioxide would be released. That is greater than the annual emissions of several nations.
Scott Zimmerman, the main author of the GEM report “Hooked on Hydrocarbons,” told, “If the UK aspires to be a climate leader, it cannot allow these new fields to start up, nor hold another licensing cycle.
Prime Minister Liz Truss has pledged to achieve net-zero emissions by 2050. However, her government has also overturned a ban on fracking for shale gas and stated that it will grant additional oil and gas licenses in the North Sea.
Ms. Truss told the Conservative party convention, “We are taking significant action to improve our energy security.”
“We are expanding North Sea gas production and delivering more renewable and nuclear energy. This is how we will protect the environment in the United Kingdom, fulfill our goal to reach net zero, and combat climate change “She stated,
If global temperature rises are to be limited to 1.5 degrees Celsius, the International Energy Agency (IEA), the United Nations, and the Intergovernmental Panel on Climate Change (IPCC) have cautioned that no new fossil fuel projects can be developed.
Jacob Rees-Mogg, secretary of state for business, has expressed his ambition to extract “every single drop” of North Sea oil. If all undeveloped and unknown (currently unregistered) oil and gas were produced and burned, the GEM report estimates that 7.602 billion tonnes of carbon dioxide would be released. This exceeds the UK’s carbon budget for the 14 years from 2023 to 2037.
A spokeswoman for the British government termed the GEM study “unfounded speculation.”
The government remains dedicated to the constitutionally mandated goal of reaching net-zero greenhouse gas emissions by 2050, according to a spokeswoman.
