UK lawmakers mull permanent ban on new oil exploration licenses in North Sea

British lawmakers are considering a ban on new oil exploration licenses in the North Sea as a move away from fossil fuels, Telegraph reported. The UK, which is committed to becoming net-zero carbon by 2050, might nix the drilling permits by 2040. In addition, it is also expected to impose an immediate temporary pause on the licences. 

The North Sea, located between the UK, Denmark, Norway, Germany, the Netherlands, Belgium and France, plays a key part in the Scottish economy. As per a Telegraph, the region is crucial for Scotland’s tax revenue as well as jobs. 39 per cent out of the total jobs created in the UK by the oil industry are in Scotland. 

UK emission target 

Earlier in December, the country's Prime Minister Boris Johnson said that the UK aims to cut greenhouse emissions by at least 68 per cent from 1990 levels by 2030 and to set the country on the path to net-zero by 2050. This is the first target set by the UK following its exit from the European Union (EU) and Johnson said it demonstrated Britain’s leadership in tackling climate change, having already cut carbon emissions more than any similarly developed country and being the first major economy to legislate for net-zero emissions by 2050.

The UK claims its Nationally Determined Contribution (NDC) under the Paris Climate Agreement is now among the highest in the world and commits the country to cut emissions at the fastest rate of any major economy so far. “We have proven we can reduce our emissions and create hundreds of thousands of jobs in the process – uniting businesses, academics, NGOs, and local communities in a common goal to go further and faster to tackle climate change,” said Johnson.

"Today, we are taking the lead with an ambitious new target to reduce our emissions by 2030, faster than any major economy, with our Ten Point Plan helping us on our path to reach it. But this is a global effort, which is why the UK is urging world leaders as part of next week’s Climate Ambition Summit to bring forward their own ambitious plans to cut emissions and set net-zero targets," Johnson added.

(With inputs from AP)

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