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.

Comments

  1. 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. 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

HS2 cost cuts new routes and add delays.

 Trans­port depart­ment offi­cials have begun work on «Project Sil­ver­light» sug­gest­ing the high­speed rail scheme might face four addi­tional years of delay. The planned High Speed 2 rail line faces fur­ther delays of up to four years and more cuts to the project under plans being drawn up by min­is­ters to rein in its bal­loon­ing costs. The extra delays to the coun­try’s biggest infra­struc­ture project would mean that it would not be com­pleted until as late as 2045 — 12 years after ori­gin­ally planned. «This is a func­tion of infla­tion; we are hav­ing to find huge sav­ings because the cost of everything the depart­ment is already doing will have become so much more expens­ive by then,» said one gov­ern­ment offi­cial. In Octo­ber, the FT repor­ted that the Treas­ury had asked HS2’s man­age­ment team to identify poten­tial cuts or «scope reduc­tions» to the high-speed line. Trans­port depart­ment offi­cials have sub­sequently begun work on Project Sil­ver­light aimed at fi...

Small business will be excluded from fraud law.

  Min­is­ters are plan­ning to exclude small busi­nesses from anti-fraud legis­la­tion by nar­row­ing the scope of a crim­inal offence tar­get­ing com­pan­ies that fail to pre­vent eco­nomic crimes. MPs and anti-cor­rup­tion cam­paign­ers had hoped the gov­ern­ment would seek to amend the eco­nomic crime and cor­por­ate trans­par­ency bill to ensure the new offence covered all com­pan­ies. The plans to limit the scope of the amend­ments will also dis­ap­point those who had hoped the legis­la­tion would remove key hurdles to the pro­sec­u­tion of white-col­lar crime. A new «fail­ure to pre­vent» offence for fraud would bring it in line with exist­ing sim­ilar cor­por­ate offences for bribery and tax eva­sion. At present, pro­sec­utors need only prove that organ­isa­tions lacked «reas­on­able» or «adequate» con­trols to pur­sue the offence in bribery and tax eva­sion cases. «It would be much more sens­ible for the gov­ern­ment to provide strong guid­ance for SMEs on what these pro­ce...

Doubt on CS's collateral.

  Credit Suisse provided an emergency $140mn loan to Greensill Capital based partly on invoices to companies that deny ever doing the business stated on the documents. The Swiss bank provided the loan in October 2020, less than five months before the collapse of Greensill, a supply chain finance firm that counted former British prime minister David Cameron as a senior adviser. Invoices issued by metals magnate Sanjeev Gupta’s Liberty Commodities and sold to Greensill formed part of the collateral for the loan, according to documents seen by the Financial Times and people familiar with the transaction. Yet several of the parties named on the invoices have told the FT they did no business with Liberty. GFG has consistently denied any wrongdoing. Credit Suisse’s loan had a clause dictating that the collateral value had to be equal to or greater than the $140mn borrowed. The terms of the debt agreement only allowed invoices on Green-sill’s balance sheet to count towards this tally if t...