Friday 13 May 2022

Encouraging Carbon Bombing?

The International Energy Agency (IEA) admit that countries will have to replace Russian oil and gas, to fullfil their energy needs. In the near term, however, the IEA say they must not encourage oil companies to open yet more 'local' mega projects (https://www.theguardian.com/environment/2022/may/12/oil-gas-mega-projects-climate-iea-fatih-birol-carbon-bombs-global-energy-crisis-fossil-fuel). The IEA note that more projects by the oil giants is not a real solution. It will simply lock the countries into continued fossil fuel use. The emissions generated by 'Big oil' have been described as 'carbon bombs', with catastrophic effects on climate change. The UK government seems resolutely opposed to imposing any 'windfall tax' on the rocketing profits of North Sea oil (https://www.theguardian.com/business/2022/may/12/a-windfall-tax-on-north-sea-oil-and-gas-what-have-ministers-said-so-far). Government seem convinced that the oil companies will use their record profits to diversify into 'greener' alternatives. Once new fields are established, however, they will be exploited by the companies until the last drop of profit has been extracted. Are UK ministers not short-sightedly encouraging carbon bombing?

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