Page 7 - Gi_March2020

industry & government news

UK FUNDING OVERSEAS FOSSIL energy projects – something he said the
country would continue to support.
An investigation has revealed that
FUEL PROJECTS DESPITE CLIMATE UK Export Finance (UKEF), a small
government agency in the Department for
PLEDGES, INVESTIGATION FINDS International Trade, has helped finance
oil and gas projects that could emit up to
69 million tonnes of carbon every year.
This figure – which is said to be a
“worst case scenario” – is equivalent to
the amount emitted by a country the
size of Portugal.
The joint probe by the BBC’s
Newsnight programme and Unearthed
– Greenpeace’s investigations unit –
also discovered UKEF has financed £6
billion of fossil fuel projects around the
world since 2010.
The money has helped fund schemes
including oil wells and oil refineries
in places such as Brazil and Oman,
according to the investigation.
Last year, the government was
accused of “utter hypocrisy” after
rejecting calls from MPs to stop
spending billions on overseas fossil fuel
THE PM HAS BEEN CRITICISED FOR projects while claiming to be a leader in
SUPPORTING FOSSIL FUEL PROJECTS ABROAD the fight against global warming.
Parliament’s Environmental Audit
THE GOVERNMENT IS pumping climate change and protect biodiversity. Committee (EAC) warned Britain was
billions of pounds into overseas fossil However, Boris Johnson’s promise sabotaging its climate credentials by
fuel projects that could emit up to 69 was branded a “sham”, after it emerged paying out “unacceptably high” oil and
million tonnes of greenhouses gases that no UK overseas assistance has gas subsidies in developing nations.
every year, an investigation has found. been provided for the greenhouse gas- UKEF told Newsnight: “We are
In January, the Prime Minister producing fuel since 2012, reports committed to working with countries
announced an immediate end to the use The Independent. across the world to unlock their
of UK taxpayers’ money to support coal Instead, environmentalists called renewable energy potential and support
mining and coal-fuelled power stations on Boris Johnson to also put an end their transition away from fossil fuels to
in developing countries in a bid to limit to UK funding of overseas gas and oil cleaner alternatives.”

OGA SAYS INDUSTRY’S ‘SOCIAL LICENCE TO OPERATE UNDER SERIOUS THREAT’

CHAIRMAN OF THE OIL AND GAS Mr Eggar said businesses must also
AUTHORITY (OGA) Tim Eggar has demonstrate progress on carbon capture
said the oil and gas sector risks losing and storage, show measurable progress
its social licence to operate if it does on energy integration opportunities,
not do more to drive down emissions, such as electrification projects, and
tackle climate change and work showcase a diverse array of skills and
towards net zero. workers ready for the future.
Addressing senior industry leaders at He added: “There has been too much
a meeting of the Maximising Economic navel-gazing. We have to act much, THE OGA SAYS THE INDUSTRY
HAS ONLY ONE CHANCE TO
Recovery (MER) UK Steering Group, much faster and go farther in reducing CORRECT ITS COURSE
he added that there is “no scope of a the carbon footprint.
second chance” and advised industry “Our energy systems must keep industrial responses to government
to develop a series of decarbonising improving at pace, to become cleaner plans to reduce or offset carbon
measures ahead of the COP26 climate and more efficient and this requires emissions to net zero by 2050 in the
conference later this year. ambitious thinking, capital investment UK and 2045 in Scotland.
This included calling for the offshore and bold leadership action, not just “We will continue to work closely
oil and gas industry to commit to talk or more analysis.” with all industry regulators including
“clear, measurable greenhouse gas Deirdre Michie, Chief Executive the OGA to deliver a safe, sustainable
targets” and stressing the sector must of OGUK, said: “We are an industry and competitive industry that realises
make real progress on methane, in action. Roadmap 2035: a blueprint its full potential in the transition to the
reports Energy Live News. for net zero is one of the first major low carbon future we all want to see.”

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News.indd 2 13/02/2020 13:38