Climate watch: UK leading the way in disingenuousness

Deepsea Delta oil drilling rig in the North Sea.

The UK Government is deluding itself on its climate leadership ahead of COP26 in November. Notwithstanding the ignominy of trying to open a new deep mine for coal in Cumbria, in North West England and the debacle of the Green Homes Initiative, the Government has now granted licences to oil and gas companies to search for – and extract – new reserves in the North Sea. The justification, as far as I can see, is that by some amazing jiggery pokery, the oil industry will become carbon neutral and reduce carbon emissions by 50 per cent by the end of the decade. The Government will, meanwhile, invest £16bn to help the industry meet these targets while supporting 40,000 jobs.

Here we go again. First, no public investment should go into fossil fuel firms – public money needs to go into sustainable technologies and into retraining and building opportunities in a sustainable economy rather than subsidise unsustainable industries that will lead to climate collapse.

Second, even if the industry can meet emission targets, what about the fuel that they extract? When it burns, it will release its carbon. Where is that accounted for?

Third, the Government needs to get to grips with the UK financial services sector that continues to invest in fossil fuel companies. I draw here a quote from the Guardian Newspaper:

US and Canadian banks make up 13 of the 60 banks analysed, but account for almost half of global fossil fuel financing over the last five years, the report found. JPMorgan Chase provided more finance than any other bank. UK bank Barclays provided the most fossil fuel financing among all European banks and French bank BNP Paribas was the biggest in the EU.

The Guardian, 24 March 2021

I’m sure leaders of countries attending COP26 will remind the UK Government just how uncommitted it is.

Picture: Erik Christensen (licensed under the Creative Commons Attribution-Share Alike 3.0 Unported license.)

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