Wireline Issue 52 Winter 2021
Left: The SSE Hydro Conference Centre in Glaslow, home of COP26
Right: Electric Buses across the city
“Putting an arbitrary end to supply and production would damage livelihoods across Scotland – the same communities whose skills will be vital in helping us achieve a low-carbon economy.”
Fringe agreements Elsewhere in Glasgow, the Beyond Oil and Gas Alliance announced further signatories including Denmark, Costa Rica, Wales and France – countries either with little or nothing to lose from promises to cease production; or repeating existing commitments. The UK and Scottish governments have not signed – despite pressure fromDenmark and non-governmental organisations. Scotland’s First Minister did announce however that the country had entered talks to work with the alliance and potentially join at a later date. In response to the announcement, OGUK CEO Deirdre Michie said: “The UK's offshore oil and gas industry is changing – we are in a unique position and are helping aid the energy transition underway. While we still need oil and gas, it is far better we meet our own demand with our own resources rather than importing it, which can be far worse for the environment. “Putting an arbitrary end to supply and production would damage livelihoods across Scotland – the same communities whose skills will be vital in helping us achieve a low-carbon economy.”
Responding to the First Minister’s remarks in the Scottish parliament on 16 November on new oil and gas fields, OGUK once again explained how stopping domestic production would do nothing to address demand for oil and gas and simply lead to increased imports, which would have a far greater carbon footprint. Lastly, analysts have suggested that environmental governance is becoming increasingly embedded in the investment sector. In particular, they have pointed to an increasing prevalence of environmental, social and governance (ESG) frameworks in the management of investment companies, although critics have pointed out that such firms only represent a small proportion of the market. At the start of the summit, high-profile individuals including the Prince of Wales and the UN Secretary General spoke of the need for a war-like footing to transform from fossil fuel economies to a carbon friendly future. They emphasised that every nation and sector must take immediate action to marshal global private sector investment of trillions of pounds in order to deliver the change that is needed at scale, at pace and right around the developing world.
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