Liz Truss Book Calls for Climate Laws to be Abolished and Boasts of Effort to Cancel UK COP Summit

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Original article by Adam Barnett republished from DeSmog.

Liz Truss and former Prime Minister of Kazakhstan Asqar Mamin at the COP26 summit in Glasgow. Credit: Karwai Tang/UK Government (CC BY-NC-ND 2.0)

The former prime minister attacks flagship climate deals and makes false claims about electric vehicles, Russia’s influence on energy policies, and net zero.

The new book by former Prime Minister Liz Truss urges the UK, U.S. and EU to drop their landmark climate change laws, spreads falsehoods about green policies, and fondly recalls an attempt to cancel a major climate conference.

Truss, who is the Conservative MP for South West Norfolk, resigned as prime minister in October 2022 after just 49 days in office.

Since leaving 10 Downing Street, Truss has attempted to expose the “deep state” forces that allegedly brought down her premiership, while advocating for “free market” ideas within the Conservative Party, helping to launch the Popular Conservatives group.

In her book, Ten Years to Save the West, which she is promoting widely this week, Truss writes that “the zealous drive to net zero”, the UK’s legally binding 2050 climate target, amounts to “unilateral economic disarmament” and is “a drag on economic growth”. She also claims that, while serving in the Treasury, she attempted to cancel the 2021 COP26 climate summit in Glasgow.

Truss writes: “We should abolish the Climate Change Act and instead adopt a new Climate Freedom Act that enables rather than dictates technology”. She adds that “the U.S. should reverse the Inflation Reduction Act, and the EU should abandon its equivalent measures”.

The Climate Change Act legalised the UK’s commitment to reducing carbon dioxide emissions by at least 80 percent by 2050 from 1990 levels. The Inflation Reduction Act is a $369 billion package of grants and subsidies by the U.S. government to spur green technology investment. 

Scientists at the Intergovernmental Panel on Climate Change (IPCC) have said that without “immediate and deep emissions reductions across all sectors” limiting global heating to 1.5C is beyond reach.

Restricting global temperatures to this threshold – the target agreed by the UK as part of the 2015 Paris Agreement – would prevent the worst and most irreversible effects of climate change, including floods, droughts, heatwaves, and wildfires.

In the book, Truss also attacks climate advocates, writing that “the environmental movement is fundamentally driven by the radical left”, adding: “This ‘watermelon’ tendency is green on the outside, red on the inside – a modern rebranding of socialism. It features the same instincts of collectivism and authoritarianism.”

Truss writes that “we should cancel” the United Nations annual COP climate summit, and falsely claims that electric vehicles are worse for the environment than those powered by fossil fuels.

“In recent years, more radical forms of climate misinformation and disinformation have become mainstreamed”, said Jennie King, director of climate research and policy at the Institute of Strategic Dialogue think tank. “Such content continues to grow in virality and engagement online, but its impacts are vastly increased when platformed in the media or by politicians.”

King said “the normalisation of wild and outlandish claims”, with climate action “being framed through a conspiratorial, tribalist and anti-scientific lens”, can lead to “real-world harm”. 

“When such ideas are conveyed from the very corridors of power, it sets a dangerous precedent”, she added. 

The IPCC warned in 2022 that efforts to tackle climate change were being delayed by “rhetoric and misinformation that undermines climate science and disregards risk and urgency”.

Truss Claims ‘Couldn’t be Further from the Truth’

Truss’s book is published by Biteback Publishing, a company owned by former Conservative deputy chair and major party donor Michael Ashcroft. 

The former prime minister dedicates a chapter to green policies, titled ‘A Hostile Environment’, apparently a play on the term used by the Conservative government about its anti-immigration policies

Truss writes that current environmental policies should be scrapped in favour of a “free market” approach. On energy, she calls for more fossil fuel extraction, advocating a mix of “oil and gas as well as nuclear and renewables”, adding: “The use of North Sea oil and gas is crucial, so there needs to be investment in that too. There also should be fracking in the UK.”

Fracking for shale gas is a controversial practice that risks causing air, water, and noise pollution.

She fails to mention that oil and gas firms receive major subsidies and tax breaks from the government, which would logically be removed in a “free market” energy system. The UK government has given £20 billion more in support to fossil fuel producers than renewables companies since 2015.

Truss’s book also attacks the multilateral UN COP process, which has seen agreements on transitioning away from fossil fuels, and financial support for poorer countries suffering the worst effects of climate change. 

Truss writes that “we should cancel the COP gravy train”. She claims that, in 2018, when she was chief secretary to the Treasury, she made “11th-hour attempts to ditch COP26”, the UN climate summit hosted by the UK in 2021, arguing that it was not a spending priority. 

At COP26, nearly 200 countries agreed to ramp up efforts to cut emissions, also calling on wealthy countries to double their funding to poorer nations that have contributed the least to climate change. More than 40 countries also pledged to quit coal, the dirtiest fossil fuel and the world’s largest source of carbon dioxide emissions.

The book also spreads false claims about climate policies. Truss writes that “in the UK and Europe, Russia has funded anti-fracking campaigns”, a claim which is not supported by any evidence.

Truss claims that policies like “the switch from petrol to diesel in cars or the use of electric vehicles, have either harmed the environment in other ways or empowered our polluting adversaries elsewhere in the world”. 

Colin Walker, head of transport at the Energy and Climate Intelligence Unit think tank, told DeSmog: “The notion that the switch to electric vehicles will have little discernible environmental impact, and make us dependent on imported gas and coal, couldn’t be further from the truth.

“The total lifetime CO2 emissions of an electric vehicle, from being built to being driven, are three times lower than a petrol vehicle – a figure that will only get higher as our grid becomes cleaner. And while older technologies like petrol cars and gas boilers rely on fossil fuels imported from abroad, EVs and heat pumps can be powered by electricity generated by British wind and solar farms.”

Truss also writes of “ludicrous claims that pursuing a net zero agenda … will boost the economy and drive growth”. 

Walker added: “The UK’s net zero economy is now worth £74 billion, and grew by nine percent in 2023.  The wider economy grew just 0.1 percent. Talking down the economic opportunities net zero has to offer the UK is at odds with a growth agenda when the U.S., EU and China are all competing for clean industries.” 

Truss’s Climate Denial Ties

Truss has a long history of opposing climate policies. In the 2022 Conservative Party leadership contest, she attacked solar farms on agricultural land and, during her brief time in 10 Downing Street, she overturned the UK’s ban on fracking. (A policy reversed by her successor, Rishi Sunak.)

As DeSmog reported at the time, Truss’s leadership campaign received £30,000 from a pro-fracking lobby group, £10,000 from a climate denial activist, and £100,000 from the wife of a former BP oil executive. Truss received a further £5,000 from Lord Vinson, a Tory peer who has provided funding to the UK’s leading climate science denial group, the Global Warming Policy Foundation

Since leaving office, Truss has received £250,000 in speaking fees, including £7,600 last April from the Heritage Foundation, a right-wing U.S. think tank that has long promoted climate science denial. Heritage President Kevin Roberts provides a long and glowing blurb for Truss’s book. 

Earlier this year, Truss helped to launch the Popular Conservatives (PopCon), a new initiative run by Truss-ally Mark Littlewood, the former director general of the Institute of Economic Affairs, a think tank which received funding from oil major BP for at least 50 years. 

At the PopCon launch, Truss attacked “net zero zealotry”, claiming voters “don’t like the net zero policies which are making energy more expensive”

.Additional reporting by Sam Bright

Original article by Adam Barnett republished from DeSmog.

Continue ReadingLiz Truss Book Calls for Climate Laws to be Abolished and Boasts of Effort to Cancel UK COP Summit

Prospective GB News Board Member is Fossil Fuel Investor

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Original article by Adam Barnett and Sam Bright republished from DeSmog.

Conservative peer and prospective GB News board member Lord Theodore Agnew. Credit: GB News / YouTube

Lord Agnew is a shareholder in Equinor, the Norwegian oil and gas firm behind the ‘carbon bomb’ Rosebank oil field.

A Conservative peer who is expected to join the board of broadcaster GB News has shares in Equinor, the oil and gas multinational behind the Rosebank oil field in the North Sea. 

According to his parliamentary register of interests, Lord Theodore Agnew has shares of at least £100,000 in Equinor, the Norwegian state-owned energy producer. Equinor has a majority stake in the Rosebank North Sea oil field, which has been dubbed a “carbon bomb” by environmental law charity ClientEarth. 

Agnew is set to replace hedge fund millionaire Paul Marshall on the board of GB News’s parent company All Perspectives Ltd, according to Sky News. 

Marshall is one of the key backers of GB News, holding a 45 percent stake in the company. He is reportedly planning to step back from GB News in order to launch a bid for the Telegraph Media Group, which includes The Telegraph newspaper and The Spectator magazine. 

His withdrawal could potentially throw GB News into turmoil. The startup broadcaster has lost £76 million since its launch in 2021 and relies on the resources of Marshall and its other big stakeholder, UAE-based investment firm Legatum, to survive. Sky News reported that GB News is now preparing to make job cuts as part of a “corporate reorganisation”.

This may have implications for how climate change is covered in the UK. An investigation by DeSmog found that one in three GB News presenters had spread climate science denial on air in 2022, while more than half had attacked climate action.

“It comes as no surprise that members of the GB News board have ties to the oil and gas industry, given the way its presenters have championed continued oil and gas expansion,” said Tessa Khan, director of environmental non-profit Uplift. 

Agnew, a former Cabinet Office minister under Boris Johnson, was in October appointed chair of UnHerd Ventures, another Marshall media vehicle. The company runs UnHerd, a publication founded in 2017 to give a platform to marginalised views.

Agnew also has shares in Carbon Plus Capital, a private investment company which specialises in carbon offsetting “based on the protection of forests”. This involves companies paying to plant trees to “offset” their greenhouse gas emissions. 

Carbon offsetting is a controversial idea that has been criticised by climate campaigners as a form of greenwashing. An investigation published last year by newspapers The Guardian, Die Zeit and non-profit SourceMaterial found that 90 percent of rainforest carbon offsets approved by the world’s largest certifier Verra were “largely worthless” and could actually increase global heating. 

Carbon Plus Capital partner Robin Warwick Edwards is a trustee of the Institute of Economic Affairs (IEA) think tank and the chair of its advisory council. The IEA, a free market group that has advocated for more fossil fuel extraction, received funding from BP for at least 50 years. 

Agnew and Edwards declined to comment. GB News did not respond. 

“Climate denial and investment in the fossil fuel industry go hand in hand”, said Carys Boughton of campaign group Fossil Free Parliament. 

“It makes complete sense that an expected new board member of GB News – a channel absolutely committed to attacking climate science and policy at every turn – is invested in Equinor, a company that, according to research by Oil Change International, ranks eighth worst in the world for its commitment to expanding oil and gas production.”

She added: “By spreading disinformation about the climate crisis, GB News is feeding into the fossil fuel industry’s licence to operate and thus helping to line the pockets of the industry’s shareholders.”

GB News in Turmoil

GB News hosts regularly attack climate policies and the science behind them. 

Numerous GB News presenters have also been vocal about their support for policies that would maintain and even extend the UK’s reliance on oil and gas. 

On 9 December 2022, host Mark Dolan praised West Cumbria Mining’s plan to open a new coal mine in Cumbria. He said the UK should “drill, baby, drill” for coal, oil and gas,  adding: “I think the push for net zero here is another element of liberal progressivism which is infecting the West.”

DeSmog revealed in October that Marshall Wace, the hedge fund run by Paul Marshall, had £1.8 billion invested in fossil fuel companies as of June 2023. This included Chevron, Shell, Equinor, and 109 other fossil fuel companies. 

Marshall reportedly invested £10 million in GB News when it first launched two years ago and, in August 2022, joined the Dubai-based investment firm Legatum Group in a £60 million capital injection and buyout of GB News’s other major investor, Discovery. 

If he joins the All Perspectives board, Agnew would become the latest Conservative politician to be adopted by the right-wing broadcaster. GB News hosts include Jacob Rees-Mogg, who was business and energy secretary under Liz TrussLee Anderson, a former Tory deputy chair who defected to anti-net zero party Reform UK last month, as well as Conservative MPs Esther McVey and Philip Davies.  

The All Perspectives board also includes Tory peer Baroness Helena Morrissey and George Farmer, a Reform UK donor and the son of Conservative peer Lord Michael Farmer. 

GB News reported losses of £42 million in the year to May 2023, and £76 million since its launch in 2021. This comes as rival populist channel TalkTV is closing its TV operation and switching to YouTube, having suffered losses of £90 million since it launched in 2022. 

Agnew’s appointment has not been confirmed by Marshall, Agnew or the company. 

“With advertisers steering clear, GB News is haemorrhaging cash – yet they continue to push misleading messages on climate change,” said Richard Wilson, director of the Stop Funding Heat campaign.  

“In the last month alone, GB News commentators have claimed climate change is a ‘social mania’, dismissed climate harms as ‘hypothetical’, and attacked United Nations warnings about the need for urgent climate action as ‘hysteria’.

“Now we learn that a prospective GB News board member has fossil fuel investments”.

He added: “Britain urgently needs a media that supports the public interest – not the interests of a toxic industry that is putting all of our futures at risk”.

Fossil Fuel Projects

Equinor claims it supplies 27 percent of the UK’s energy from oil and gas, and is currently investing $6 billion (£4.8 billion) a year in fossil fuel exploration and drilling. It also says that it powers one million homes in Europe via renewable offshore wind. 

Rosebank is the UK’s largest undeveloped oil and gas field, and could produce around 300 million barrels of oil over its lifetime, emitting 200 million tonnes of carbon dioxide. 

In October, DeSmog revealed that Equinor urged the UK government to help promote the oil and gas industry, and was one of several companies which lobbied to water down the windfall tax on oil and gas company profits following Russia’s invasion of Ukraine. 

The UK government controversially approved the Rosebank project in September, despite the International Energy Agency stating that new oil and gas exploration is incompatible with the ambition to reach net zero emissions by 2050. Green Party MP Caroline Lucas labelled the decision “morally obscene”.

Prime Minister Rishi Sunak used his address at the COP28 climate summit in December to claim that “climate politics is close to breaking point”, while stating that the UK will meet its net zero targets, “but we’ll do it in a more pragmatic way, which doesn’t burden working people”.

However, a 2023 court case found that the government’s plans only added up to 95 percent of the reductions needed to meet its net zero targets. The Conservative government has said it plans to “max out” the UK’s North Sea oil and gas reserves.

Tessa Khan added: “Those pushing for new oil and gas drilling, whether that’s the UK government, GB News or Equinor, are making things worse for the millions struggling with high energy bills and for those now struggling to cope with the impacts of climate change such as UK farmers – and all just to make a few oil and gas companies and their shareholders even richer.”

DeSmog has previously revealed that the Conservative Party received £3.5 million in donations from fossil fuel interests and climate science deniers in 2022, while two-thirds of the directors in charge of the party’s multi-million-pound endowment fund have a financial interest in oil, gas, and highly polluting industries.

Original article by Adam Barnett and Sam Bright republished from DeSmog.

Image of InBedWithBigOil by Not Here To Be Liked + Hex Prints from Just Stop Oil's You May Find Yourself... art auction. Featuring Rishi Sunak, Fossil Fuels and Rupert Murdoch.
Image of InBedWithBigOil by Not Here To Be Liked + Hex Prints from Just Stop Oil’s You May Find Yourself… art auction. Featuring Rishi Sunak, Fossil Fuels and Rupert Murdoch.
Continue ReadingProspective GB News Board Member is Fossil Fuel Investor

‘North Sea Fossil Free’: Activists in 6 Countries Protest ‘Unhinged’ Oil and Gas Development

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Original article by OLIVIA ROSANE republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

The “oil slicks” performance artist group demonstrates the impacts of a potential oil spill on Scotland’s Moray Firth as part of a North Sea-wide day of action on March 16, 2024.  (Photo: XR Forres)

“Going full steam ahead with new North Sea oil and gas is a sure fire route to the worst climate scenarios,” one campaigner said.

Climate activists in six North Sea countries came together on Saturday to carry out acts of civil disobedience in protest of their governments’ continued fossil fuel development.

Demonstrators in the United KingdomNorway, Sweden, Denmark, Germany, and the Netherlands blockaded roads, ports, and refineries; dropped banners; and held solidarity concerts as part of the North Sea Fossil Free campaign to demand that their governments align their plans for the shared body of water with the Paris agreement goal of limiting global heating to 1.5°C above preindustrial levels.

“For too long, the U.K., Norway, and other North Sea countries have avoided scrutiny for their oil drilling plans as the emissions are not included in their national inventories,” a spokesperson for Extinction Rebellion U.K. told Common Dreams. “Going full steam ahead with new North Sea oil and gas is a sure fire route to the worst climate scenarios.”

“The only serious response we can make is for citizens to unite, but we need to see many many more people doing this work.”

The day of action, which was organized by Extinction Rebellion (XR), came days after a new report from Oil Change International revealed that none of five North Sea countries—Norway, the U.K., the Netherlands, Germany, and Denmark—have plans consistent either with limiting warming to 1.5°C or with the agreement to transition away from fossil fuels reached at last year’s United Nations COP28 climate conference. If the five countries were counted as one, they would be the seventh biggest producer of oil and gas in the world.

In particular, these governments continue to issue permits to explore for and develop oil and gas fields, despite the fact that the International Energy Agency has said that no new fossil fuel development is compatible with limiting global temperature rise to 1.5°C. In one high-profile example, the U.K. approved the undeveloped Rosebank oil field in September 2023. Taken together, these permits could lead to more than 10 billion metric tons of greenhouse gas emissions.

The worst offenders were Norway and the U.K., which could be among the top 20 developers of oil and gas fields through mid-century if they do not change course.

“The five major North Sea countries are at a crossroads: One path leads toward global leadership in climate action and green industries, where they take bold action to phase out oil and gas production that creates sustainable jobs and communities. The other path leads to catastrophic climate change, economic crisis, and the loss of status as climate leaders globally, as they cling to outdated practices while the world moves forward,” Silje Ask Lundberg, North Sea campaign manager at Oil Change International, said when the report was released.

Extinction Rebellion co-founder Clare Farrell said that the North Sea governments’ policies were a betrayal of their citizens and the world following the hottest year on record.

“Temperatures have tracked 1.5°C above average recently, almost 2°C,” Farrell said. “Our global commitments, such that they are, are being flushed away with no regard for what the public really want. Where’s the consent for that here in our democracies? No government has a mandate to do that. So people deserve to know that our governments are willfully destroying everything. The people of these North Sea nations have not consented to destroying civilization, but that’s what is going to happen. Their governments are unhinged and unchecked.”

Saturday’s protests, Farrell continued, were a way for the people in these countries to make their voices heard.

“The only serious response we can make is for citizens to unite, but we need to see many many more people doing this work,” Farrell said. “Direct action like this should shake us awake; our governments will destroy democracy and society if we let them continue, that’s the course we are on, and they are redoubling their efforts despite the facts and knowing how much suffering they are already causing all over the world as climate breaks down.”

The demands of Saturday’s protests were threefold: An end to new oil and gas infrastructure in the North Sea, for governments to tell the truth about the realities of the climate crisis, and for the countries to pursue a just transition to renewable energy. In addition, many activists made additional demands specific to their nations’ policies.

The Netherlands

In the Netherlands, activists with Extinction Rebellion and Scientist Rebellion blocked all roads and railways leading to the largest oil refinery in Europe: Shell’s Pernis refinery. They targeted Shell because the oil major has received new permits to drill in the Victory Gas Field and has also restarted its drilling in the Pierce Field. What’s more, the company has refused to clean up its aging equipment in the North Sea, leaving old pipelines and drilling platforms to rust and pollute the sea with mercury, polonium, and radioactive lead. While there are 75 aging Shell oil and gas platforms in the Dutch North Sea that should be removed by 2035, current efforts are not on track to meet this deadline.

“Like the rest of the fossil industry, Shell is only interested in profits and shareholder returns,” said Bram Kroezen of XR Netherlands, adding that Shell’s appeal of a landmark court ruling ordering it to reduce emissions showed that the company “completely lacks a moral compass.”

Germany

Activists with Ende Gelände blocked off access to a floating liquefied natural gas (LNG) terminal in the port of Brunsbüttel, Germany, beginning at 9:00 am local time. The activists are calling for an end to LNG imports, as new science reveals the so-called “bridge” fuel may in fact be at least as damaging to the climate as coal due to previously unaccounted for methane leaks.

“LNG is a double climate killer,” Rita Tesch, spokesperson for Ende Gelände, said in a statement. “Because it consists of methane. Methane is even more harmful to the climate than carbon dioxide. It escapes into the atmosphere during transportation by LNG ships and at terminals such as here in Brunsbüttel, and heats it up rapidly. The carbon dioxide from burning it is on top of that. It’s clear: LNG imports are a climate crime!”

Norway

Activists with XR Norway targeted Rafnes Petroleum Refinery, with some blockading access on land while another group entered the security area by boat.

“I’m ashamed to be a Norwegian,” XR Norway spokesperson Jonas Kittelsen said in a statement. “Norway profits massively from aggressively expanding our oil and gas sector, causing mass suffering and death globally. My government portrays us as better than the rest of the world, which we are not.”

Denmark

Performance collective Becoming Species and Extinction Rebellion Denmark worked together to stage a creative protest targeting the oil company Total Energies, which is the leading oil and gas producer in the Danish North Sea and currently has plans to reopen “Tyra Feltet,” Denmark’s largest gas field. Four members of the band Octopussy Riot climbed a Total-owned container and staged a punk concert in Denmark’s Esbjerg Harbor.

“We octopuses have formed the band Octopussy Riot and have arrived here to play our song, a demand for you two-legs to stop oil and gas extraction,” performer Linh Le, said. “The sea is dying, our climate collapsing. We will not accept that the most rich and powerful destroy our home. We do not want to go extinct.”

Sweden

Members of XR Sweden blocked the road to Gothenburg’s Oil Harbor, where the group has been protesting since May of 2022. The activists called on Sweden to stop investing in the harbor and on city officials to develop a plan to dismantle the harbor and refineries.

“Twenty-two million tons of oil enter Gothenburg’s port every year, which is owned by the city,” one activist said. “There is no plan for decommissioning. This does not go together with the climate goals.”

Scotland

Finally, protesters across Scotland stood in solidarity with the other actions with performances and banner drops. In Aberdeen, activists unfurled banners outside the offices of Equinor, which owns 80% of Rosebank, and Ithaca, which owns the remaining 20%. The banners read, “North Sea Fossil Free,” “Stop Rosebank,” and “Sea knows no borders.” In Dundee, protesters targeted the Valaris 123 oil platform off the coast with banners. Shetland Stop Rosebank also brought signs to Lerwick Harbor, from where the first stage of Rosebank’s development is launching. XR Forres organized a performance of the group the “oil slicks” along the Moray Firth, to demonstrate what an oil spill would do to its unique coastal landscape.

“All countries should align their drilling plans with the Paris agreement now,” the XR U.K. spokesperson said. “We thank everyone who has taken action today in defense of a livable planet.”

Original article by OLIVIA ROSANE republished from Common Dreams under Creative Commons (CC BY-NC-ND 3.0). 

Continue Reading‘North Sea Fossil Free’: Activists in 6 Countries Protest ‘Unhinged’ Oil and Gas Development

Abandoned pipelines could release poisons into North Sea, scientists warn

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https://www.theguardian.com/environment/2024/feb/24/abandoned-oil-gas-pipelines-poison-pollution-risk-north-sea-scientists

Large volumes of mercury, radioactive lead and polonium-210 could be released into the sea if pipelines are left to decay. Photograph: Jane Barlow/PA

Decaying oil and gas pipelines left to fall apart in the North Sea could release large volumes of poisons such as mercury, radioactive lead and polonium-210, notorious for its part in the poisoning of Russian defector Alexander Litvinenko, scientists are warning.

Mercury, an extremely toxic element, occurs naturally in oil and gas. It sticks to the inside of pipelines and builds up over time, being released into the sea when the pipeline corrodes.

Some methylmercury, the most toxic form of the metal, is released by the pipelines although other forms can be converted into it. The international Minamata convention on mercury states that high levels in dolphins, whales and seals can lead to “reproductive failure, behavioural changes and even death”. Seabirds and large predatory fish such as tuna and swordfish are also particularly vulnerable.

Lhiam Paton, a researcher from the Institute for Analytical Chemistry at the University of Graz who has raised the alarm over the mercury pollution, told the Guardian and Watershed Investigations that “even a small increase in mercury levels in the sea will have a dramatic impact on the animals at the top of the food web”.

There are about 27,000km (16,800 miles) of gas pipelines in the North Sea, and scientists predict the amount of the metal in the sea could increase anywhere from 3% up to 160% from existing levels. In some countries, such as Australia, companies are required to remove them when the oil well stops operating. But in the North Sea companies are allowed to leave them to rot away.

https://www.theguardian.com/environment/2024/feb/24/abandoned-oil-gas-pipelines-poison-pollution-risk-north-sea-scientists

Continue ReadingAbandoned pipelines could release poisons into North Sea, scientists warn

North Sea oil and gas assets a risky bet for private equity, think tank warns 

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North Sea oil rigs in Cromarty Firth, Scotland. Credit: joiseyshowaa (CC BY-SA 2.0)
North Sea oil rigs in Cromarty Firth, Scotland. Credit: joiseyshowaa (CC BY-SA 2.0)

https://www.energymonitor.ai/finance/corporate-strategy/north-sea-oil-and-gas-assets-a-risky-bet-for-private-equity-think-tank-warns/?cf-view&cf-closed

North Sea oil and gas production is expected to plummet in the coming years, as renewables become increasingly competitive. Now, a new report by the think tank Carbon Tracker argues that private equity companies invested in North Sea (UK and Norway) oil and gas assets are particularly vulnerable to losses as demand falls. Private equity’s presence in the North Sea has grown steadily since the 2014 oil price crash. 

In 2010, just 8% of North Sea assets were held by private companies, with the remainder owned by publicly listed oil majors and state-owned utilities. Currently, 29.7% of North Sea equity licences are held by current or former private equity-backed ventures, according to recent analysis from the Common Wealth think tank. 

Carbon Tracker argues that while all upstream investors risk being saddled with stranded assets as demand for hydrocarbons falls, private equity companies are particularly vulnerable. For starters, the private equity industry is already facing “serious headwinds” as the low interest rate environment that “buoyed private markets” for the last decade “has, at least temporarily, come to an end”. 

https://www.energymonitor.ai/finance/corporate-strategy/north-sea-oil-and-gas-assets-a-risky-bet-for-private-equity-think-tank-warns/?cf-view&cf-closed

Continue ReadingNorth Sea oil and gas assets a risky bet for private equity, think tank warns