Offering oil and gas licences every year distracts from the challenge of winding down UK North Sea

New areas for oil and gas development on the UK’s North Sea continental shelf are to be made available through annual licensing rounds subject to net zero tests. These proposals by the UK government, outlined in the 2023 king’s speech to parliament, fly in the face of recommendations by the Climate Change Committee – the government’s own independent advisers.

Plans for new oil and gas power plants have grown by 13% in 2023

Our tracking shows there is now 783 gigawatts (GW) of oil- and gas-power capacity under development – projects that are either announced or in the pre-construction and construction phases. These represent a stranded asset risk of hundreds of billions of dollars and potentially locking in tens of billions of tonnes of carbon dioxide (CO2) emissions.