The report on “Accelerating the transition from fossil fuels and securing energy supplies” has been published by the UK House of Commons Environmental Audit Committee. This report outlines the ‘energy trilemma’ of affordability, security, and climate challenges facing the UK. It scrutinises the Government’s British Energy Security Strategy and its policies on oil and gas extraction on the UK Continental Shelf. The authors expect the recommendations in this report to inform the Government’s revised Net Zero Strategy which it is required to publish by the end of March 2023.
The UK relies on energy to fuel its transport, heat its buildings, generate electricity and power industry and businesses. At present 78% of this energy comes from fossil fuels—oil, gas and a small amount of coal. The burning of these high-carbon fuels in combustion engines, boilers, and power stations is responsible for the majority of the UK’s territorial emissions of climate-changing greenhouse gases.
The UK’s dependence on oil and gas has left it exposed to the biggest global fossil fuel price shock since the 1970s. The annual UK gas and electricity price increases to April 2022 were the largest ever recorded in a series going back to 1970, and have continued to rise as Russia has restricted the supply of gas to continental Europe. Prices for petrol and diesel in the UK also hit recent record highs in 2022.
Access the report here