Government to ban financing fossil fuel plans overseas: The UK will halt financing overseas fossil fuel projects starting 31st March, succeeding a trailblazing North Sea Transition Deal settled between the government & the oil and gas sector.
This new agreement will have policymakers & industry invest as much as £16b in renewables, hydrogen & carbon capture usage and storage by 2030 in order lower carbon emissions.
The oil and gas sector additionally set goals to lower emissions by 10% by 2025, 25% by 2027 & 50% by 2030.
The new deal also involves the sector’s promise to ensuring that by 2030, 50% of its offshore decommissioning & new energy tech schemes will be supplied by local businesses.
The collection of new measures is expected to slash 60 million tonnes of emissions over the next 9 years.
Kwasi Kwarteng, Business and Energy Secretary announced: “Today, we are sending a clear message around the world that the UK will be a nation of clean energy as we build back better and greener from the pandemic.
“We will not leave oil and gas workers behind in the United Kingdom’s irreversible shift away from fossil fuels.
“Through this landmark sector deal, we will harness the skills, capabilities and pent-up private investment potential of the oil and gas sector to power the green industrial revolution, turning its focus to the next-generation clean technologies the UK needs to support a green economy.”
Energy Minister Anne-Marie Trevelyan stated: “While the future oil and gas sector will look very different to how it does today, the industry, businesses and supply chains it supports will have a new mission to help the UK decarbonise and develop the clean technologies of the future, as we lead the green industrial revolution.”
Replying to the government report, Rachel Kennerley, Climate Campaigner at Friends of the Earth, responded: “It’s great that the UK is finally waking up to the disastrous impact of investing in fossil fuels projects overseas.
“But it is still stubbornly pushing on with investing hundreds of millions of pounds in a climate-destroying mega gas project in Mozambique.
“The new policy would not allow this to go ahead, but ministers are still backing the project which is already proving disastrous for local communities in Mozambique while preventing us from stopping further climate breakdown.”
Government to ban financing fossil fuel plans overseas