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\u201cDo we import fuel with much higher carbon footprints instead? And lose billions in tax revenue? Keir Starmer\u2019s approach will lead to higher emissions and fewer British jobs. Labour would leave us worse off and threaten our ability to keep the lights on.\u201d<\/p>\n
The move widens the dividing line between Labour and the Tories over net zero, after the PM signalled a shift in approach last week.<\/p>\n
Mr Sunak pushed back the ban on sales of new diesel and petrol cars from 2030 to 2035, saying he wanted to be honest with the public about the trade-offs involved in cutting emissions.<\/p>\n
Norway\u2019s Equinor and Britain\u2019s Ithaca Energy said they would proceed with the \u00a33.1billion development of the oil field off Shetland after receiving approval from the North Sea Transition Authority.<\/p>\n
The first phase will aim to produce 245 million barrels and to begin production by 2026 or 2027, pumping up to 70,000 barrels of oil per day at peak.<\/p>\n
The decision by the NSTA, the Government-owned regulator for the oil and gas industries, comes the day after the International Energy Agency reiterated that no new oil and gas fields were needed if the world was to achieve net zero emissions by 2050.<\/p>\n
But Scottish Secretary Alister Jack said: \u201cIt\u2019s really important we maximise our domestic oil and gas reserves, which mean lower emissions than imports, while reducing any reliance on hostile states. Rosebank will play a big role in that, as well as growing our economy and providing skilled jobs for generations to come.\u201d<\/p>\n
Labour has said that, while it opposed the Rosebank development, it would not revoke the licence if it won the next general election.<\/p>\n
Shadow Business Secretary Jonathan Reynolds said: \u201cWe think the priority should be transitioning away from fossil fuel partly because of the volatility of the price of fossil fuels. And we\u2019ve seen since Russia\u2019s invasion of Ukraine just what that has meant, not just for heating prices but for electricity.<\/p>\n
\u201cSo real energy security will only come from moving to nuclear, to renewables, to tech that will insulate us from those pressures. But we have said we understand this is a difficult position for investors. We will not revoke any licences the Government chooses to grant but we don\u2019t think this is good value for money.\u201d<\/p>\n
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Don’t miss… <\/strong> The decision sparked consternation from the Tories\u2019 green wing. Conservative peer Lord Goldsmith said it \u201cjust trashes the UK\u2019s reputation as a reliable, grown-up member of the global community\u201d, adding \u201cit\u2019s done us immeasurable harm\u201d, as he hinted at voting for an opposition party in the next election.<\/p>\n The former minister said: \u201cIf this is the direction the party is determined to take, there\u2019s no way I can vote for the Conservative Party on climate and nature.\u201d<\/p>\n Green Party MP Caroline Lucas said the Rosebank scheme was \u201cmorally obscene\u201d. And environmental campaigners are strongly opposed.<\/p>\n Greenpeace UK climate campaigner Philip Evans said: \u201cRishi Sunak is pandering to vested interests, demonstrating the stranglehold the fossil fuel lobby has on Government decision-making. It\u2019s billpayers and the climate that will suffer because of it. Why else would he make such a reckless decision?\u201d<\/p>\n Freya Aitchison of Friends of the Earth said it was \u201cdisgraceful\u201d, adding: \u201c[It] shows the Government\u2019s climate denial. Fossil fuels are driving climate breakdown and the cost-of-living crisis \u2013 yet the Government is slamming its foot down on the accelerator.\u201d<\/p>\n
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