Westminster’s £2.5 billion backing for offshore oil and gas projects in Brazil and Ghana risks undermining UK efforts to cut climate pollution, according to an expert analysis. The financial think tank, Carbon Tracker, has warned that the projects are “likely to fail” as the world moves away from fossil fuels. This could destroy their value and create “long term financial risks”, it said. The UK government agency, UK Export Finance (UKEF), is facing fresh criticism for funding global warming. Campaigners described its actions as “unforgivable”, while the Scottish National Party said they were “baffling”.
The Ferret 12th June 2020 read more »