Tuesday, 24 August 2021

'Extracting Every Drop of Oil We Can'?

Greg Muttitt (International Institute for Sustainable Development) highlights the twisted logic behind the UK government's 'likely' approval of the Cambo oilfield (https://www.theguardian.com/commentisfree/2021/aug/23/britain-commit-net-zero-drill-oil-cop26-boris-johnson-shetland). The Cambo oilfield would be 75 miles NW of Scotland's Shetland Islands in the North Sea. There are already more than 280 oilfields in production in UK waters. More are likely follow, if Cambo is approved for Siccar Point and Shell. Earlier this year, the International Energy Agency stated that the fields that were already operating, will produce too much oil and gas. They are producing more than can be burned, if it is hoped to limit global heating to 1.5 degrees Centigrade above pre-industrial levels (as in the Paris Accord). Cambo would produce an extra 170 million barrels of oil on top of this. Muttitt points out that the UK government's claim the oil is needed for economic recovery is based on very shaky foundations. The current Petroleum revenue tax is 0% and the tax payer will pick up much of the cost of decommissioning old platforms. Jobs needn't be lost. Many of the current oil workers would reportedly be more than happy to move into employment on sustainables (e.g. wind farms). The UK will be chairing COP26 in Glasgow. This represents the planet's last chance to prevent the full effects of climate change. Unlike some of its neighbours, the UK has refused to stop extraction of oil and gas. The government refused to sign up to any undertaking, that didn't allow them to take 'every drop of oil that could be economically extracted'. This is not only wrong, it's a very bad look. The UK government's position is consequently very unlikely to result in the needed agreements being achieved in Glasgow. If there are agreements, look at the small print!

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