UKSIF response to the King’s Speech

The UK Sustainable Investment and Finance Association (UKSIF), which represents 300+ members managing over £19tn in global assets under management (AUM), has expressed disappointment at the announcement of new licensing rounds for North Sea oil and gas.

UKSIF Chief Executive, James Alexander, said:

“We are extremely disappointed by the announcement of new licensing rounds for North Sea oil and gas, which the government has claimed will be compatible with our net zero ambitions – without providing evidence for how that can be the case.

“It is equally unclear how these new developments will help promote the country’s energy security – as the International Energy Agency (IEA) has recently said, there is no need for new upstream oil and gas projects to meet the world’s declining future fossil fuel demand by 2050.

“With clear and stable policy, the UK can unlock greater investment in the renewable energy transition and with it deliver good jobs, cleaner power, and lower energy bills. We want to see the government ensure that the UK remains a leader in driving the transition.”