6min chapter

Analysis cover image

Has economic crisis put net-zero plans on the backburner?

Analysis

CHAPTER

Is There a Market Failure?

Professor Nick Stern says the war in Ukraine shouldn't be an excuse to extend fossil fuel exploration. Approval has been given for the first new coal mine in the UK in 30 years. Shell expects to pay almost half a billion pounds more to the tax man on its North Sea operations by the end of this year. But it's still paying out more to shareholders than it invests in renewables. BP will now miss targets to reduce oil and gas production as it extends projects.

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