Team Blitz India
LONDON: Prime Minister Rishi Sunak has announced the approval of around 100 new North Sea oil and gas licences, stating that these would help the country reach its goal of achieving a net-zero economy by 2050.
During his visit to Aberdeenshire, Sunak emphasised his commitment to maintaining fossil fuel exploration in the UK, said a report published in an energy portal. This, said the report, is a key point of contention with the Labour Party, which has vowed to halt any new North Sea drilling if it comes to power.
Carbon capture, storage
In addition to the new licences, the UK Government has unveiled plans for two new carbon capture and storage facilities, one of which is the Acorn scheme in north-east Scotland, it was further reported. While environmentalists and scientists argue that new fossil fuel projects are incompatible with net-zero targets, Sunak defended the licences, stating that they are crucial to the Government’s plan. He explained that even when the UK achieves net-zero emissions by 2050, a significant portion of the energy needs will still come from oil and gas.
Committed to 2050 target PM Sunak said he remains committed to the 2050 target and the deadline of banning the sale of new petrol and diesel cars by 2030. He believes that the new licences and carbon capture projects are beneficial for the overall welfare of the country, including energy security and job creation.
The North Sea Transition Authority will oversee the licensing process, which will involve a climate compatibility test. It will be more flexible than before, allowing drilling in areas close to already licensed areas to maximize potential reserves.
The Government has accused Labour of increasing reliance on overseas resources if it proceeds with a ban on new North Sea projects. Labour has countered by stating its commitment to investing in renewable sources to ensure secure and sustainable energy supplies while reducing bills.
