As major oilfield service companies…
Devastated by the unprecedented Storm…
The UK government on Monday launched a review of the steps the country has laid out to take in reaching its legally-binding 2050 net-zero emissions target while increasing energy security and affordability at the same time.
The independent review, to be chaired by former energy minister Chris Skidmore, aims to ensure that the delivery of the legally-binding climate goal - which, the government stressed, remains in place - is “pro-growth and pro-business,” the new government headed by Liz Truss said today.
Considering the soaring energy prices burdening UK households and businesses, the government now looks to review the approach to net-zero emissions “to better understand the impact of the different ways to deliver its net zero pathway on the UK public and economy and maximise economic opportunities of the transition.”
The three-month review should be ready by the end of 2022.
“The government remains committed to reaching our net zero emissions targets, but with Russia weaponising energy across Europe we must make sure we do so in a way that increases energy security and does not place undue burdens on businesses or consumers,” Secretary of State for Business and Energy, Jacob Rees Mogg, said in a statement.
The new government in the UK has recently taken steps to maximize the potential for domestic oil and gas production to lessen import dependence.
Last week, the government formally lifted the moratorium on shale gas extraction in England in a bid to increase domestic energy production as pledged by Prime Minister Truss earlier this month.
The UK government also confirmed its support for a new oil and gas licensing round in the North Sea, expected to lead to more than 100 new licenses.
“To get there we will need to explore all avenues available to us through solar, wind, oil and gas production - so it’s right that we’ve lifted the pause to realise any potential sources of domestic gas,” Business and Energy Secretary Rees-Mogg said last week, referring to the lifting of the pause on shale gas extraction in England.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com:
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.