Labour considers ban on new North Sea licences in pipeline

Jul 12 2024 · 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:

🗞️ Driving the news: The UK government is expected to ban new North Sea drilling licences and has withdrawn support for a Cumbrian coal mine
• Labour's Energy Secretary, Ed Miliband, is considering blocking several pending oil and gas licence applications from a 2022 round

🔭 The context: Labour's campaign pledge included stopping new oil and gas licences while maintaining existing ones
• This potential ban surpasses industry expectations and may lead to tensions with unions over job losses
• The government also halted its defense of the Whitehaven coal mine legal challenge

🌍 Why it matters for the planet: These moves align with Labour's net-zero decarbonisation goals and highlight a shift towards renewable energy
• The decision reflects a strong commitment to reducing fossil fuel dependency and accelerating the transition to green energy

⏭️ What's next: The government will carefully consider the situation before making a final decision on the licence applications
• Labour aims to ramp up wind and solar power, targeting net-zero emissions from electricity generation by 2030

💬 One quote: “I don’t think anyone was completely confident about what would happen but the working assumption was that the round would go through,” said an industry figure

📈 One stat: Fossil fuels accounted for 78.5% of the UK’s energy mix in 2022