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Check out my latest column for @financialtimes.com:
The S&P 500 keeps rising...the market appears to be adopting an Earnings Before Iran, Tariffs and Dubious Announcements (EBITDA) approach: as.ft.com/r/d23a0e69-d...
How the Iran war will cement China's superpower status
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Will the Iran war derail the AI boom?
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I appreciate your nuance and openness David.
It is taxed by us. And it generates jobs and sustains north sea assets for the transition. I don't argue that gas extraction will create energy independence or protect us from international prices.
Or you could have withheld an opinion before actually reading the piece you are opining on.
Not really. LNG demand globally is tight, regardless.
Shame. Had you read the piece you might have learnt that its actually a pro-renewables take.
The decision actually makes climate change efforts better at the margin. As its less polluting that importing lng from the rest of the world. it also helps because its retains skills and assets needed for the transition.
What is known today is that we need energy, tax revenue and skilled workers for the green transition. and that importing gas is more carbon intensive than producing it ourselves
How will you power the industries that make the components for green industries? Also companies are willing to pay billions to operate in the north sea and we will tax them for the priviledge of doing so. the revenues from which we can use to fund net zero
Its not a red herring if thats what we are currently doing...and will need to even in the most optimistic net zero scenarios
The average carbon intensity of imported LNG is almost four times that of UK natural gas production, finds the North Sea Transition Authority, a public body. Once combusted, LNG emissions are still 17 per cent higher.
The artcile advocates what youre calling if. But my thesis is that without some gas, we will struggle to power the green transition. Id rather we produce that at home, than import it from distances with added pollution.
The article advocates both. Linear thinking overlooks systemic thinking. If you dont have gas you cant power the green transition.
Exactly it isnt binary. But realistically we use gas for 40pc of our energy today. even with all the investments that wont change in 5 years. we will need gas which is why we import it from elsewhere right now. im just saying instead of importing we make it ourselves
we dont yet have wind and solar power ample enough to do so. youd rathe let the green transition stop than use gas temporarily to power it more?
The world is counterintuitive. Its not linear. You do realise green industries need energy today. We dont have green energy fully available. It will have to come from somewhere. Better to produce it ourself than inport it.
Even a little is worth the revenue, jobs and energy.
so youd prefer to import fossil fuels? you do know lng is more polluting than domestic gas?
Its all in the piece yep, if people want to read through. the green point is well known. the gas point is more debated, hence the headline
If you read the piece its about accelerating the transition. Gas=bad green=good leads to linear thinking. Think about the system and we can get to net zero faster
So you think we should import our fossil fuels instead? Making them even more polluting? You think we can power the green transition using existing green energy we dont have?
it would also generate tax revenues, jobs and energy to support the net zero agenda...how do you think we power steel chemicals and industries needed for green tech?
Yes. Possibly. But even in this scenario we get tax revenue and jobs. And we could part nationalise to build up our gas buffers.
Thats the ambition Dan. But we are still reliant on gas and will still need it even in a 2050 net zero scenario
It will be taxed by the UK at the least and could be part nationalised and put into a fund and even a reserve. i should add this wasnt my view until i did research for this piece. genuinely no motive, just keeping an open mind
yes youre right. but right now we use gas for 40pc of our energy needs. we cant convert that to renewables in the next decade. no matter how much we invest. hence my realistic take. we either import gas from abroad which is more polluting or produce here
Possibly yep. We will get jobs, revenue in the process, which can support the green transition.