One crisis will lead to another say environmentalists

Environmental campaigners say government support to stimulate the oil and gas industry could be “locking” the country into another crisis.

It comes in response to the the Oil & Gas UK Industry Report and their proposals for a recovery strategy.

The report says one in five jobs could be lost by the sector as the pandemic exacerbates already plummeting oil prices.

The industry body has outlined a three-stage plan which it hopes will minimise the longer-term impact.

It calls for the addressing of the industry's immediate needs, followed by its industrial recovery and then an accelerated transition to net-zero greenhouse gas emissions.

However Friends of the Earth Scotland Just Transition Campaigner Ryan Morrison said any measures that seek to return the oil and gas industry back to how it was before are ignoring the fundamental vulnerability of the sector, locking in further disruption from the escalating climate crisis.

He added: “Any financial package must not be used to support companies’ continued expansion, continued exploration or development of new fields. The climate emergency demands that these activities must be brought to an end. We must now look to build our green economy, as the only route to a secure and sustainable energy sector.

“As part of a green and just recovery there can be absolutely no weakening of our commitment to the Paris Climate Agreement nor vital safety and environmental regulations.”

At its peak, a barrel of Brent Crude oil sold for about $120.

In recent weeks, that has fallen as low as $16 with no real sign of it recovering as chronic oversupply has flooded world markets.