King’s Speech: UK Government to double down on oil and gas e

[Oscar]

King’s Speech: UK Government to double down on oil and gas expansion

[ https://www.edie.net/kings-speech-uk-go ... expansion/ ]

A Bill intended to increase oil and gas licencing has been confirmed in the King's Speech as policy focus area for the UK Government over the next year.

CLIMATE & NATURE ENERGY POLICY Published 7th November 2023

EXCERPT: "Fossil fuels were a major talking point. The Labour Party has pledged to end new oil and gas licensing rounds if elected but will honour licenses already in train.

The Conservative Party, in contrast, commenced a major North Sea oil and gas licensing round last year and recently set out plans for another this coming season. Last month, 27 new licenses were offered under the former round.

The King’s Speech today confirmed a new policy that will act as a trap for Labour, mandating that the UK Government must host a new licensing round each year. Historically, rounds have been held in most years, so it is clear that the intention of the new bill is to cement Tory support for new extraction and to prevent Labour from delivering on its pledge if elected.

Rounds will go ahead each year so long as the UK remains a net importer of oil and gas and if emissions from UK-based production remain lower than those associated with imports.

Environmental campaigners are, as expected, voicing anger and disappointment. The International Energy Agency’s (IEA) 1.5C-aligned pathway to a global net-zero energy system by 2050 includes an immediate halt to all upstream oil and gas projects with long lead times.

Questions are also being raised about whether having additional North Sea oil and gas capacity will do anything to boost British energy security and bring down bills, especially after Energy Secretary Claire Coutinho suggested this would not necessarily be the case in a BBC interview.

Oil and gas is traded on the global market to the highest bidders with the most demand and influence. . . . "

[Oscar]

Long live King Charles, the ENVIRONMENTALIST!!