The contentious Rosebank project has become a lightning rod for criticism of the UK’s fossil fuel policies, and is expected to receive approval from regulators soon. However, climate groups have highlighted that new fossil fuel projects are inconsistent with the UK’s goal of achieving net zero emissions by 2050. While the government is simultaneously pursuing ambitious targets to increase clean energy production, many energy executives, investors, and parliamentarians are growing sceptical about how those targets can be achieved. Moreover, they lament how oil and gas projects receive more generous tax treatment than clean energy schemes, which is putting the viability of many renewable projects in danger. MP’s on the House of Commons’ business, energy and industrial strategy committee have also pointed out that exemptions built into the UK’s two separate windfall taxes on energy companies were “less generous” for renewable electricity generators “than those given to the oil and gas sector”. UK ministers should urgently reassess areas of concern before patience runs out, as clean energy investors now have attractive offers elsewhere as the US and EU aggressively court them.
