Intelligence Squared Tides of Transformation: Regulating Oil
Nov 10, 2023
Gisa Weszkalnys, an economic anthropologist, discusses the complexities of oil sector economics. Andy Samuel, former Chief Executive of the North Sea Transition Authority, dives into oil licensing and regulation, reflecting on recent decisions like the Rosebank development. Catherine Howarth, CEO of ShareAction, shares insights on responsible investment and the oil industry's impact on climate change. Together, they explore the balance between economic recovery through fossil fuels and the urgent need for climate action, emphasizing the importance of environmental responsibility.
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Licensing as a Climate Change Battleground
- Oil and gas licensing has become a frontline in addressing climate change urgency.
- Legal challenges highlight social demands for faster decarbonization.
The Purpose of Licenses
- Licenses are instruments through which states control access to oil and gas resources.
- They also impose obligations on license holders and generate revenue.
Licenses and the Energy Trilemma
- Oil and gas licenses aim to put acreage into the hands of investors to explore and develop hydrocarbons.
- This addresses clean, affordable, and secure energy supply.