Cambo’s owners, the oil giant Shell and private-equity backed Siccar Point Energy, want permission to extract 170 million barrels of oil in the first phase alone. The emissions from this would be equivalent to the annual carbon pollution from 18 coal-fired power stations. The companies plan to operate the field until 2050, the same year the UK has committed to be net zero.
In May of 2021, the International Energy Agency said that to stay within safe climate limits, there can be no new oil, gas or coal developments. At the exact moment we should be reducing our production of oil and gas, the UK government is planning to expand it.
The UK government is being urged by fossil fuel companies to approve 18 new oil and gas projects over the coming years. Each of these goes against warnings by the International Energy Agency and the United Nations that we can have no new fossil fuel projects if we are to limit global heating to 1.5C and maintain a liveable climate.
We should be winding down production of oil and gas while making sure that workers and impacted communities are not left behind – this is what’s called a ‘just transition’.
We must not allow Boris Johnson to green light the Cambo field or any other new project in the pipeline.
The cost of living crisis is a climate justice issue - and our government is failing people and planet alike
The cost-of-living and climate crises are intimately linked. The profiteering of energy firms is largely behind the massive increase in energy and fuel costs, yet the UK remains the most profitable country for oil and gas companies. Our reliance on these dirty fuels is driving up bills domestically, and accelerating climate impacts worldwide.
The Catastrophic Consequences of the Chancellor's Energy Levy Loophole
The Chancellor announced that there would be a 91% tax relief for new oil and gas investments. This loophole for oil and gas producers is bad news for the climate and bad news for the many people struggling with the cost of living, who will likely see a repeat of the energy bills crisis come winter.
New Jackdaw gas field means public lose out on over £200m of windfall tax
UK taxpayers are set to lose out on over £200 million in windfall tax due to the government approving just a single, new North Sea gas field according to analysis of Rystad Energy data by the campaign group Uplift. The Jackdaw gas field, however, will not lead to lower energy bills and will do next to nothing for UK energy security.