Oxford News
Expert Comment: Should the UK relax clean energy targets?
Dr Stuart Jenkins, Oxford Net Zero Research Fellow
Last week an Oxford Net Zero report laid out our views on the future for the global oil and gas sector. Helpfully for stimulating conversation, the next day the Tony Blair Institute (TBI) released their own policy brief discussing the challenges for the current UK energy strategy.
TBI’s brief suggests there are missed opportunities for UK oil and gas, which, if unlocked, would benefit the wider economy via energy security guarantees, private investment and growth, and increased tax revenues. They argue the UK should relax 2030 clean energy commitments and reduce the political barriers to new oil and gas investments – claiming these revisions would not unduly affect long-running net zero ambition in the UK.
These arguments rely on an overly simplified view of the UK’s energy supply-side, and risk giveaways for oil and gas with limited benefits for the UK economy. They are right that the UK’s energy strategy must strike a balance between maximising the returns on remaining fossil fuel assets today and developing future non-fossil assets for tomorrow.
There are several coordination challenges for net-zero-aligned energy supply. It’s not as simple as deploying renewables, and we do need to worry about the grid, local capacity in distribution networks, energy storage, intermittency, and financing electrification at the demand-side; as well, of course, as the reality on the ground in the rest of the world.
Naturally, the politics of these issues means that there are many possible framings for the future of oil and gas. Our recent research hints at several.
One credible future looks like this – ask license applicants to justify their proposal as viable, given the wind down of UK oil and gas more broadly, explain how the UK’s exposure to energy imports would meaningfully change under their proposal, and highlight how their proposal aligns with delivering net zero.
If they can do this, play ball.
This would be no easy ask for oil and gas producers. Our extracted oil and gas is largely sold overseas, weakening any claim that new extraction would support energy independence. And the oil and gas sector does not currently couple its business cases for net zero technology deployment with oil and gas expansion. But together they are key to demonstrating that any new oil and gas projects are not in conflict with our long-term energy and climate strategy.
It is also no easy task for the UK Government, who have assumed a portion of revenue from North Sea assets will be collected and available to the exchequer in the coming decades – this is something which the Treasury will want to protect. However, since the North Sea basins are already well known to be mature, and hence the tax take dwindling, the relative importance of this will decline over time as well.
From an energy strategy perspective, gas remains important for the UK given our reliance on it as a load-balancing fuel in the power sector, and in at least some home heating and industrial settings in the coming decades.
The UK’s exposure to gas imports is an important energy security challenge. This risk could be partly managed through North Sea supply if we also manage the risk of undermining climate policy through continued extraction. Oil will also become less strategic for the UK over time, although it will play a key role in the transition itself.
But arguments for new oil are more hampered by the fact that this extraction is likely to be sold overseas, reducing any case that it is in support of UK energy independence.
If changes to the energy strategy were accompanied by an update to the way we appraise oil and gas licenses, we would provide a world-leading framework for oil and gas to contribute to both the short- and long-term energy supply future for the UK.
There are several coordination challenges for net-zero-aligned energy supply. It’s not as simple as deploying renewables, and we do need to worry about the grid, local capacity in distribution networks, energy storage, intermittency, and financing electrification at the demand-side; as well, of course, as the reality on the ground in the rest of the world.
But these aren’t reasons to take a backward step on UK oil and gas, particularly when the majority of currently extracted products are sold overseas with limited benefit to UK taxpayers.
If changes to the energy strategy were accompanied by an update to the way we appraise oil and gas licenses, we would provide a world-leading framework for oil and gas to contribute to both the short- and long-term energy supply future for the UK.
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Thames Valley Police has released a CCTV image as it asks for the public’s help in identifying a man who may have vital information about the incident at Templars Shopping Centre in Cowley.
The reported ‘sexual assault’ happened when a woman in her 20s was inappropriately touched over her clothing at around 3pm on Tuesday, June 30.
READ MORE: Oxfordshire police ‘welcome’ prime minister’s update on PC Harper killers
No arrests have been made at this time and the police has asked for anyone with any information to come forward as soon as possible.
Investigating officer PC Emily Rice said: “We are releasing this CCTV image as we believe the individual pictured may have information that could assist our investigation.
“If this is you, or if you recognise the person shown in the image, please contact Thames Valley Police.”
Anyone with information can make a report to the police online or call 101, quoting reference 43260331880.
READ MORE: Reports of ‘petrol bombs’ at Oxford University museum spark big police response
Alternatively, information can be provided anonymously via the independent charity Crimestoppers on 0800 555 111 or through its website.
Appeals for public help in finding individuals by the police can relate to suspects, witnesses or others who may have vital information in relation to the incident.
They do not mean the person is to blame nor do they imply guilt.
The scheme, which took effect on August 28, includes a wide range of furniture and home essentials.
In a statement, IKEA said: “From much-loved favourites to everyday essentials, customers can discover New Lower Prices both online and in-store, helping make it easier to create a home you love, whatever your budget.”
Among the discounted items is the KALLAX shelving unit, soon to be available for £49—down 18% from £60.
The HEMNES daybed, which functions as a sofa, single bed, double bed, and storage unit, will be reduced by 15% from £329 to £279.
In addition to these savings, IKEA is offering more than 1,000 exclusive in-store-only prices with discounts up to 25%.
The company said: “In time for cosy season, in stores nationwide, IKEA is also offering 20% off throws, bedspreads, candles, floor and table lamps, plus selected rugs, thermal curtains, seasonal duvets and cookware, from 7th September to 1st November nationwide.”
The history of IKEA
IKEA was founded in 1943 by Ingvar Kamprad when he was just 17 years old.
Originally, the company sold small goods such as pens and wallets, but in 1948, Kamprad expanded into furniture.
This was facilitated by Ingvar’s father, who gave him a small sum of money for doing well in school, which he used to set up a company.
In 1953, the company adopted flatpack furniture, solving costly transportation problems.
IKEA grew steadily throughout the 1950s in Sweden, before expanding into Denmark and Norway in the 1960s.
By the 1970s, the brand had entered markets in Australia, Austria, Canada, Germany, Hong Kong, Japan, Kuwait, the Netherlands, Singapore, and Switzerland.
The first UK store opened in Warrington in 1987, marking the start of IKEA’s growth in the British market.
Today, IKEA employs nearly 12,000 people across its 22 UK locations.
Have you bought items from IKEA before? Let us know in the comments.
Thames Valley Police has released CCTV footage of Juan Carlos Clarke, who the force launched a manhunt for just under a week ago,
The 34-year-old is wanted on recall to prison with the photo showing Mr Clarke in Cornmarket, Oxford, at around 1.10pm on Thursday, August 27.
READ MORE: Manhunt launched after ‘sexual assault’ at Oxford shopping centre
A spokesperson for the police said: “We are continuing to appeal for the public’s help to trace Juan Carlos Clarke, who is wanted on recall to prison.
“We are now releasing a recent CCTV image of Juan, taken in Cornmarket, Oxford, at around 1.10pm on Thursday 27 August.
“Please note that he has recently shaved his hair and may look different from previous images circulated.”
Police reiterated other defining characteristics about him, describing him as being of medium build and having a full beard, as well as a broken or missing lower tooth and a tattoo of two eyes in the centre of his back.
They warned that anyone who sees him, should not approach him.
The spokesperson added: “Juan is described as being 5ft 11ins tall, of medium build and with a full beard.
“He has a broken or missing lower tooth, a scar on his left forearm and a tattoo of two eyes in the centre of his back.
READ MORE: Oxfordshire police ‘welcome’ prime minister’s update on PC Harper killers
“He is known to frequent Oxford city centre, Cowley, Jericho, the Oxford canal towpaths, and has connections to Banbury.
“Do not approach him. If you see Juan, call 999 immediately, quoting reference 43260436595.
“Anyone with information about his whereabouts should call 101 or report online, quoting the same reference.”
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