Key messages from the report include:
- Since declaring a climate emergency in 2019, the UK’s developed oil and gas reserves have increased by 800 million barrels of oil and gas, bringing UK developed reserves to 6.55 billion barrels.
- UK law and Scottish Government policy of Maximising Economic Recovery, which requires every last drop to be drilled from the North Sea, would triple UK emissions from oil and gas.
- To limit warming to the Paris Agreement goal of 1.5ºC no new oil & gas fields, including Cambo, can be licensed or developed and North Sea production must be wound down in the next decade.
- In line with equity, the UK – as a wealthy nation with high historic emissions and low economic dependence on oil revenues – should phase out of oil and gas faster than countries for which it would be much harder. Not all of the 6.55 billion barrels in currently producing or under developed reserves can be extracted – some will have to close early, before fully extracting their reserves.
- Every delay damages the prospects of a well-planned and just transition for workers and communities currently reliant on the industry.
We plan to publish a more detailed review of the report and if you would like to contribute your thoughts on the issues that it raises please do get in touch.