Climate damage would obliterate any economic benefits of new North Sea fields, analysis shows
Exclusive: Economic harm of CO2 pollution from Rosebank and Jackdaw forecast to far outweigh any boost to UK The climate damage caused by developing the Rosebank and Jackdaw oil and gas fields under consideration by the UK government would destroy their economic benefits many times over, according to an analysis. It estimates the economic damage caused by the carbon pollution from the oil and gas…
A new analysis reveals that the climate damage caused by developing the Rosebank and Jackdaw oil and gas fields in the North Sea would far outweigh any potential economic benefits to the UK, according to an assessment. The study estimates that the economic harm from carbon pollution generated by the fields could range from £119 billion to £336 billion over the coming decades, significantly surpassing the £28.7 billion value estimated by Adura, the fossil fuel company promoting the new fields.
The figures, which may be underestimates, do not include losses from extreme weather, sea level rise, or climate-related deaths. The controversy surrounding the decision to approve Rosebank and Jackdaw has drawn opposition from various political parties, climate scientists, and environmental campaigners, while the oil industry and some right-wing parties support the proposal.
The new analysis suggests that the economic damage caused by the fields would extend beyond the UK, potentially wiping out any economic gains within the country and highlighting the need for a transition to clean energy technologies.
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