Government promotes oil and gas investment as ‘vital for energy security’

Following a budget significantly short of green measures, the government last week announced a new wave of investment to boost the oil and gas industry.

Improved research facilities and tax reliefs will help the UK exploit its “remaining resources and overcome an increasingly challenging production environment” in the oil and gas sector.

Energy secretary Ed Davey said, “Even as we move to a low-carbon economy, oil and gas will remain an integral part of the UK energy mix for decades to come.

“With our support for carbon capture and storage, for decommissioning and by encouraging increased collaboration across different energy sectors, especially offshore, there will also be new sustainable growth opportunities for the industry and the wider UK supply chain.”

Davey added that the strategy would allow the UK to “harness the natural resources available in a way that is both sustainable and profitable, for the industry, for the country and for the planet.”

A recent study published by the International Monetary Fund highlighted how governments should stop subsiding energy, particularly fossil fuels, in order to stop inequality, help economic growth and tackle climate change.

As we’ve said before, claims of prosperity in the oil and gas industry mostly fail to account for the finite nature of fossil fuels. True sustainable growth would therefore involve investing heavily into renewable energy – which will deliver long-term jobs and energy security without polluting the atmosphere.

Further reading:

Myopic budget threatens UK’s long-term prosperity

We need a credible green innovation growth strategy

Climate and energy policies will reduce rising energy bills

Claims of oil prosperity fail to note the finite nature of fossil fuels