A recently published study has found that the proposed North Sea gas and oil field in the UK is incompatible with goals set under the Paris Climate Agreement. According to research carried out by scientists from the UCL Department of Political Science, UCL Policy Lab, and the UCL Energy Institute, the UK government is contradicting Paris climate goals by issuing new gas and oil exploration licenses in the North Sea.
The researchers are urging UK leaders to stop issuing new licenses for gas and oil exploration, a move that will undoubtedly receive major blowback from the fossil fuel industry. Additionally, they want the government to prevent licensed fields in the North Sea from undergoing further development if they are still untapped.
Without such drastic action, the scientists believe exploring for oil and gas in the North Sea would keep the UK from achieving Paris Climate Agreement goals. UCL Energy Institute researcher and lead study author Greg Muttitt says that with the effects of climate change already affecting households, the agriculture industry, and the country’s economy, it is critical that the UK reduce its greenhouse gas emissions.
The research team studied the most recent scientific literature and evidence on the climate-related repercussions of launching new gas and oil mining projects. After consolidating peer-reviewed scientific data on gas and oil, Muttitt and his colleagues surmised that the UK simply doesn’t have the room to open new oil and gas fields. We are already too deep into the climate change hole to continue digging up new fossil fuel reserves, the scientist notes.
The final report heavily draws from hundreds of peer-reviewed reports, datasets and studies published in top academic journals such as Science and Nature. It states that combusting all the gas and oil in all of the world’s fields would generate enough carbon dioxide to warm the planet well over the 1.5°C limit set by the Paris Climate Agreement.
Estimates from the report show that burning all the world’s gas and oil would generate a whopping 469 gigatons of CO₂, nearly three times the carbon dioxide that would push global temperatures over the 1.5°C limit. Consequently, launching additional fields would heat the atmosphere even further and make it even harder to reach the agreement’s climate goals. With the UK government poised to decide whether or not to permit new gas and oil fields in the North Sea, the researchers say their report couldn’t have come at a better time.
The report concludes that the UK and other nations must stop permitting new oil and gas exploration if they wish to meet the Paris climate targets. As one of the world’s most developed economies, the UK could lead this transition by restricting new fossil fuel projects and advancing a just transition for workers in the oil and gas industry.
The fact that the UK is considering giving the nod to the proposed oil and gas projects shows that fossil fuels still have a role to play around the world and that entities like GEMXX Corp. (OTC: GEMZ) are responding to this global demand. Emphasis should therefore be directed towards minimizing the eco-effects of these projects as the world transitions to greener sources of energy rather than creating a vacuum in which renewables are not yet sufficiently available and yet fossil fuels have been pegged back prematurely.
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