The UK government keep saying they want to lead the way on climate change. And yet here they are, handing over £14bn in tax-payer’s money in tax -breaks to massive oil and gas companies. Those companies use that money to explore and extract new sources of oil and gas. It’s accelerating the climate crisis that the government keeps saying it wants to stop.
It’s no secret. Oil and gas companies are aggressively lobbying the UK government to get massive tax cuts and subsidies. And they’re wildly successful. Now, they’re pushing the government to give the green light to 30 new fossil fuel projects, including the Cambo oil field off Scotland. And if they get their way, drilling at Cambo could start as early as 2022 – generating the same emissions as operating 18 coal-fired power stations for a year.
It’s not just oil and gas companies that are infiltrating government policies. Banks are pushing the government to let them keep investing in catastrophic fossil fuel projects too. It’s mainly Barclays and HSBC. And between them they’re ploughing billions into dangerous projects, whilst pretending to move to greener investments. In fact, Barclays and HSBC have given billions to the people involved in the Cambo oil field already.
When governments give money to fossil fuel companies, it lets banks do it too. Between them, it means the money tap to fossil fuel companies is still well and truly on.
Mike Coffin, Head of oil gas and mining at Carbon Tracker: “Any organisation that is claiming alignment with the 1.5C goals of the Paris agreement, or Net Zero 2050, cannot simultaneously be supporting new oil and gas projects going ahead.
This story is based on the amazing research and campaigning from Paid To Pollute: https://twitter.com/paidtopollute
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Sky News: Climate change: UK government oil and gas subsidies hit £13.6bn since Paris Agreement, campaigners say: