North Sea Oil Expansion Plans
Ten oil companies are planning to invest £6.8 billion in six major new projects in the North Sea in breach of international targets to cut climate pollution, according to an expert analysis.
In the next three years big oil multinationals from the UK, the US, Canada, Norway, Japan and Korea want to start exploiting new oil and gas fields off Scotland. But the carbon emissions that would result would accelerate dangerous global warming, experts say.
The financial think tank, Carbon Tracker, also warns that the new North Sea projects would be “deeply loss-making”. Multi-million pound investments would risk becoming “stranded assets”, it says.
Campaigners are demanding a halt to new oil developments in the North Sea to prevent a “climate disaster”. But the offshore oil industry insists that continued investment is “fully compatible” with the UK government’s aim to reach “net zero” climate emissions by 2050.
No comments:
Post a Comment