Net Zero’s Darkest Day

Last week, Rishi Sunak announced the approval of 100 new oil and gas licences for drilling exploration in the North Sea. Completely flying in the face of all climate science.

The move by the Prime Minister has been strongly criticised across the board from environmentalists to fellow politicians, as reckless, irresponsible, and severely damaging to the UK’s green credentials, both domestically and abroad.

Weaponised Climate Policy

The recent ‘eco effectiveness’ of Sunak’s government hasn’t been positive. Accusations of using climate policy as a weapon to appeal to climate sceptic voters, continued government infighting (Lord Goldsmith resigning because of Sunak’s alleged disinterest in the environment)? and a seeming lack of clear direction in what it wants its legacy to be.?

Instead of being clouded with distractions, the priority should remain to transition away from fossil fuels.

Fischer is committed to helping achieve net zero by 2050 and strongly believes that renewable electricity is the way forward for domestic heating. The continued toxic relationship with oil and gas leaves us stagnant and locked in a dark age of energy generation.

The decision to issue a flurry of new licences comes under the shadow of another controversial project – Rosebank. The UK’s largest untapped oil field is currently awaiting regulatory approval on whether Rosebank will become operational. The fact there is a chance of operation shows the damning lack of conviction or faith when it comes to moving away from fossil fuels. Newly discovered gas would only hit consumer markets in 2050, which ironically is the year the UK must legally reach net zero by.

“Short-sighted and selfish”

Commenting on the news, the head of Oxfam Scotland, Jamie Livingstone, called the new licensing rounds a "short-sighted and selfish decision by the UK government" which "flies in the face of climate science and common sense" a statement that rings true. In contrast, across in the US, energy firms have gone beyond and cut the number of oil rigs for an eighth straight month.

In 2022, oil only accounted for 0.6% of electricity generation. A percentage so small, it seems pointless to ramp up production of something that has such little impact.

To highlight just how backward this week's announcement was. A new report by the UCL Energy Institute claims the UK actually has the potential to be completely fossil fuel free ahead of its 2050 net zero target. The report investigated the effects of greater green policy ambition and additionally mapped out potential pathways to make the UK more energy independent. Concluding that the UK can reach net zero by 2045 – five years earlier than legally required.?

Achieved by greater policy ambition in the right direction, these positive changes would also secure the energy independence the government was desperate to stress as a key reason behind approving the new North Sea exploration. The opportunities are there and painfully not being seized upon.

It only makes the decision to explore new oil and gas avenues even more maddening.

Unjustified?

The main justifying argument for issuing new gas and oil licenses during the middle of a climate crisis, comes from the parallel announcement, confirming heavy investment towards carbon capture technologies. Carbon capture works by storing the greenhouse gases deep underground where they won’t be harmful to the atmosphere. The world currently stores and captures around 0.1% of emissions. These proposed new sites would not be operational until 2030.

Question marks around funding come to mind considering the high-cost bracket for these projects.

Greenpeace has criticised the use of carbon capture and storage, arguing that the technology is still being developed and its deployment is being used as an excuse to carry on burning fossil fuels rather than accelerate the switch to renewables.

Tax Questions?

Which brings around potential accusations of greenwashing. UN secretary-general, Antonio Guterres, fresh from upgrading ‘global warming’ to ‘global boiling’ has previously called out carbon capture as greenwashing calling out fossil fuel producers, labelling plans as “proposals to become more efficient planet wreckers”. Then adding “The problem is not simply fossil fuel emissions. It is fossil fuels, period,”

From 2016 to 2020 fossil fuel companies received ￡9.9 billion in tax relief for new exploration and production, whilst UK investment in clean energy fell 10% in the past year.

Instead of using public money to prolong the life of a fading industry, the UK had the potential to be the first major oil and gas producing country to move away from fossil fuels, making a serious statement to the wider world.

Now it will continue to produce heavy emissions, damaging its reputation, when the solutions are on the doorstep - investment in clean electric generation and domestic electric usage.?

The future can be simple.?

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