Skip to main content

UK government faces legal challenge from green peace.

 

North sea oil
Environmental group Greenpeace has started legal proceedings against the government in a bid to stop the awarding of more than 100 new licences to explore for oil and gas in the North Sea.

The campaign group said it had applied to the High Court for a judicial review of the decision in October to approve a new oil and gas licensing round, the first for nearly three years.
The UK is looking to increase its energy independence in the wake of Russia’s invasion of Ukraine and Moscow’s weaponisation of its gas reserves. At the time it approved the latest licensing round, it argued that as part of that strategy it would need to exploit the «full potential of our North Sea assets».
Greenpeace said the issue of new oil and gas licences would «torpedo any hopes of keeping global temperature rises to 1.5C» — the main goal of the 2015 Paris climate accord.
Licensing rounds are designed to enable oil and gas companies to explore for hydrocarbons, but this latest process also includes permits for gas discoveries that are yet to be exploited and could be brought into production in as little as 12 to 18 months from the time of award.

Labels:

Comments

  1. Riana12 December 2022 at 12:04

    They both have a point. Greenpeace is right that this could torpedo the 1.5C temperature goal. The UK is right in trying to get the most out of the North Sea. I think the UK should be allowed to unlock that potential but only do it at a smaller rate than what was planned. And the Government must also work tirelessly and quickly on ways to replace oil and gas with greener alternatives.

    ReplyDelete
    Replies
    1. Felicia12 December 2022 at 13:46

      I agree with your points. Neither is right all the way. We still need oil and gas for the time being and we also need a clean planet to live on. Your suggestions are sound.

      Delete

Post a Comment

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...
Post a Comment
Read more

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...
1 comment
Read more

Tariffs on UK electric cars.

  The European Commission has confirmed that it will continue with its plan to impose tariffs on electric cars exported between the UK and EU starting next year. This is due to the "rules of origin" requirement that mandates EVs traded across the English Channel to have 60% of their battery and 45% of their parts sourced from the EU or UK or face a 10% tariff. A senior Commission official, Richard Szostak, recently informed parliamentarians from the UK and EU that the bloc's battery investment has significantly declined, making the tariffs necessary to encourage domestic production. In 2022, the EU's share of global investment in battery production shrank from 41% to only 2% after the US offered substantial subsidies through its Inflation Reduction Act. Starting in 2024, car manufacturers in the UK will need to have 22% of their sales come from zero-emission vehicles, which means they may need to import EVs from the continent to meet this requirement. If EU carmakers ...
Post a Comment
Read more