Britain says it will grant hundreds of new oil and gas licenses in the North Sea in a bid for energy independence
Britain said on Monday it will grant hundreds of new oil and gas licenses in the North Sea in a bid for energy independence, ignoring calls from the environmental campaigners and the United Nations to stop the development of new fossil fuel projects.
The plans announced by Prime Minister Rishi Sunak include a pledge to invest 20 billion pounds ($26 billion) in carbon capture and storage projects as Sunak maintained the government’s commitment to eliminate net carbon emissions by 2050.
Sunak, who is traveling to Scotland to formally unveil the package, said Britain will still need fossil fuels even after the country reaches its net zero target. He said it is better to produce oil and natural gas at home rather than rely on foreign leaders like Russian President Vladimir Putin, whose invasion of Ukraine sent global energy prices soaring around the globe.
