License to Drill: What New Oil & Gas Extraction Means for the Energy Transition

Hear from Jane Stevensen of JS Global Advisory, as we examine the overall progress of the global energy transition.

We always knew that the transition to net-zero wasn’t going to be smooth. Political realities must be considered, especially during a period of increased concern over energy security. A good recent example of political backsliding is the UK government’s controversial decision to grant over a hundred new oil and gas licenses in the North Sea, despite a legally binding commitment to reach net zero by 2050. Although the UK is not alone, there are some encouraging signs of progress in other policy domains. It’s a matter of where the balance lies.

That’s why in this episode, we explore some solutions needed to manage the risks during this uncertain transition, such as:

• Abandoning short-term thinking in favour of long-term strategies that align with our net-zero and socio-economic goals;
• Using ESG reporting frameworks as a tool for developing resilient business strategies, rather than as an annual chore; and
• Leveraging the information from reporting frameworks to ensure decision-makers are held accountable for their actions.

To find out more about the Sustainability and Climate Risk (SCR®) Certificate, follow this link: https://www.garp.org/scr

For more information on climate risk, visit GARP’s Global Sustainability and Climate Risk Resource Center: https://www.garp.org/sustainability-climate

If you have any questions, thoughts, or feedback regarding this podcast series, we would love to hear from you at: climateriskpodcast@garp.com Links from today’s discussion:

-          UK Government’s press release regarding the new North Sea oil and gas licenses – https://www.gov.uk/government/news/hundreds-of-new-north-sea-oil-and-gas-licences-to-boost-british-energy-independence-and-grow-the-economy-31-july-2023

-          JS Global Advisory homepage - https://www.jsglobaladvisory.com/

-          International Energy Agency’s Net-Zero by 2050 report - https://www.iea.org/reports/net-zero-by-2050

-          Climate Change Committee’s letter to Rishi Sunak – https://www.theccc.org.uk/publication/letter-2023-progress-report-to-parliament-to-rt-hon-prime-minister/

-          Top ten countries currently developing the most oil and gas fields - https://www.energymonitor.ai/industry/top-ten-countries-developing-the-most-oil-gas-fields/

-          International Sustainability Standards Board’s inaugural standards - https://www.ifrs.org/news-and-events/news/2023/06/issb-issues-ifrs-s1-ifrs-s2/

Jane Stevensen, Founding Partner, JS Global Advisory

Jane has over 20 years’ experience advising businesses on sustainability strategy and the implementation of TCFD, ISSB and other ESG reporting frameworks. Prior to founding JS Global Advisory, she held a number of senior positions, including leading Grant Thornton’s Sustainability practice, and as Managing Director of the Climate Disclosure Standards Board. She holds an MBA from INSEAD and is a graduate of the Cambridge Institute for Sustainability Leadership.