STATEMENT: The Tony Blair Institute’s Call for further North Sea Oil & Gas Drilling

Commenting on the Tony Blair Institute for Global Change’s call to expand North Sea oil and gas drilling, UKSIF CEO James Alexander said:

“Investors know the North Sea oil and gas sector carries risks from soaring decommissioning costs and asset stranding. Further drilling will do little to address our long-term energy needs.

“Our shift to a clean economy is a huge strategic opportunity to drive long-term growth and create quality jobs, while cutting our dependence on expensive imported fuel.

“This was demonstrated with the recent record-breaking success of the Allocation Round 7 (AR7) renewables auction, which is set to bring in billions in private capital.

“The government must resist short-sighted calls to prop up our declining fossil fuel industry and instead focus on making the UK a leading destination for green investment.”