New oil and gas at odds with green goals – report
New licences for North Sea oil and gas are incompatible with reaching net zero by 2050, a report says. …
Business secretary Jacob Rees-Mogg has spoken of his desire to extract “every last drop” of North Sea oil. The GEM report also looked what the environmental consequences of that might be, estimating that if all undeveloped and undiscovered (currently unlicensed) oil and gas were extracted and burnt it would release the equivalent of 7,602m tonnes of CO2. That’s more than the total UK carbon budget for the 14 years from 2023 to 2037.
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