From 2013/14 to 2017/18 UKEF spent £2.6 billion on fossil fuel projects abroad [7]. In May 2021 the Treasury introduced tax relief of 91p in the pound for new oil and gas developments. [15]New oil and gas projects are incompatible with keeping global average temperature rise to below 1.5C [10]. [17]Besides pumping public money into new North Sea oil and gas projects, the Treasury has been encouraging banks to do the same. [22]A recent peer-reviewed analysis concludes we need to keep 60% of existing fossil fuel reserves in actively producing fields in the ground to keep within 1.5C.

Source: The Guardian October 30, 2023 16:16 UTC