Climate damage would obliterate any economic benefits of new North Sea fields, analysis shows

A new analysis suggests that the economic harm caused by climate damage from the Rosebank and Jackdaw oil and gas fields would far outweigh any potential benefits to the UK economy. The estimated damage from carbon pollution is between £119bn and £336bn, which is significantly higher than the £28.7bn in value the fields are expected to bring. This means that the negative impact of these new fields on the environment could have devastating consequences for the UK economy.

Why it matters

The economic harm of CO2 pollution from new North Sea fields is forecast to outweigh any boost to the UK. This could lead to a decrease in investor confidence and a shift towards more sustainable energy sources.

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Related coverage

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MeridStreet does not reproduce source articles. The summary and analysis above are generated by MeridStreet from public headlines and its own market model; the original reporting belongs to The Guardian. For information only — not financial advice.