Sumary of Climate change: UK government oil and gas subsidies hit £13.6bn since Paris Agreement:
- ” There are 18 UK oil and gas projects in the pipeline that, if approved, could enjoy these subsides, including the Cambo oil field north-west of the Shetland Islands.
- More on Cambo Oil Field Related Topics: To hit that target, the world must reach net zero emissions by 2050, which means there can be no new oil and gas developments after this year, the International Energy Agency (IEA) has warned.
- The financial think tank Carbon Tracker has warned that the 1.5°C target means Cambo and at least four other proposed projects risk becoming stranded assets with little or no economic value.
- “Many projects – including for example Cambo – are potentially uneconomic, even under slower transition scenarios which result in warming in excess of 1.5 degrees.