In the latest few years, the British government has pumped more than 20 billion pounds to support British oil and gas exports through trade promotion and export financing. it is now seeking to end financing and support British exports, as well as the commercial promotion of new projects for crude oil, natural gas, and thermal coal, with very limited exceptions.
The new policy is expected to be implemented after a short period of consultations and is scheduled to go into effect as soon as possible.
British Prime Minister Borris Johnson said in a recent government statement: “Climate change is one of the greatest global challenges of our time, which is why the UK is making a bold new commitment to reduce emissions by at least 68% by 2030.”
He added: “I am delighted to say today that the UK will end taxpayer support for fossil fuel projects abroad as soon as possible”.
The UK is playing a leading global role in tackling and reducing emissions at home, and it is now trying to do the same offshore. The North Sea transfer deal is an example of how the industry can be transformed in a fair way, creating jobs, boosting the economy, and achieving the goal of bringing emissions to zero.