If elected, Keir Starmer will end new North Sea oil and gas investments.
The Labour leader spoke at the World Economic Forum in Davos and stated that he would rather create a “clean energy alliance” to challenge the Opec oil producers cartel.
He stated that oil and gas have been clear about the need for a transition. It will certainly play its role during that transition, but it is not new investment or new fields up the North Sea. Because we need net zero, we must ensure that we move next to renewable energy.
The UK is currently conducting its first North Sea licensing round in 2019 to lessen its dependence on Russia.
This is despite the fact that Boris Johnson, former PM, has committed to carbon-zero country by 2050.
Since Russia invaded Ukraine, the prices of electricity and gas have skyrocketed. Many commentators think it will be difficult to generate the energy required for the future without fossil fuels.
Tharman Shanmugaratnam (delegate to Davos), was the deputy chairman of Singapore’s sovereign wealth fund. He stated that there is “no scenario” that would give him confidence that renewables will be able to achieve the scale and urgency he needs.