A billionaire global investor, Andrew Forrest, has expressed his strong opposition to the UK’s new oil expansion plans, threatening to withdraw his investments from the country. Forrest, who is a proponent of green hydrogen and runs the Minderoo Foundation, criticized Prime Minister Rishi Sunak’s support for fossil fuel policies, calling them “clickbait” and lacking proper leadership. He stated that if the country continued down this path, he would move his investments to North America.
Forrest’s concerns align with those of climate scientists and energy experts who argue that oil and gas exploration must cease in order to limit global heating and achieve net zero emissions by 2050. This move by the UK puts it at odds with countries like Ireland, Denmark, and Spain, which have already announced bans on new oil and gas exploration to address climate breakdown.
Critics from both the US and Europe have voiced their disapproval of the UK’s stance on climate commitments. They argue that the Conservative government’s support for new fossil fuel infrastructure undermines its credibility and international standing. They emphasize the need for countries to invest in low-cost, low-carbon technologies and phase out fossil fuels in order to reach net zero goals.
In response to the backlash, Sunak claimed that granting new oil and gas drilling licenses would lower energy costs and position the UK as a leader in achieving net zero. However, experts argue that these claims are misleading and contradict evidence that suggests limiting global warming to 1.5C requires no new oil and gas licensing.
The UK’s support for new oil and gas exploration also threatens the progress made in addressing climate impact and supporting vulnerable countries. Critics argue that the UK’s stance runs counter to the goals of the new loss and damage fund and undermines efforts to reduce emissions and mitigate the impacts of climate change.
Overall, the UK’s decision to expand oil and gas drilling has faced significant backlash from investors, climate experts, and international allies, who view it as a step in the wrong direction for tackling climate change.