STATEMENT: UKSIF responds to calls for more North Sea oil and gas drilling

Commenting on new calls to expand North Sea oil and gas drilling, UKSIF CEO James Alexander said:

“Investors know the oil and gas market’s renewed volatility is a warning sign of the strategic risks that come from dependence on these commodities.

“Increasing North Sea fossil fuel extraction now would be a knee-jerk reaction to what is clearly a worsening long-term, systemic issue for the UK.

“Investment in clean energy infrastructure won’t just help to insulate us from economic shocks but has the power to drive growth and create jobs throughout the country.

“Policymakers should focus on creating the conditions that enable this fast-scaling sector to attract more investment and strengthen the UK’s global competitiveness.”