Rosebank oil field

That this House recognises that the UK’s transition away from oil and gas production is underway, as North Sea reserves decline and the climate imperative intensifies; notes that geopolitical instability is highlighting how the UK’s continued reliance on oil and gas leaves households and businesses exposed to global price shocks; further recognises that a well-managed transition has the potential to deliver economic benefit, strengthen domestic supply chains and revitalise our industrial heartlands; welcomes that the Energy Independence Bill will cease issuing new oil and gas exploration licences in line with climate science; further notes with concern that the proposed Rosebank oil field’s projected carbon emissions are vast, totalling 254 million tonnes of carbon dioxide equivalent and equating to around 70% of the UK’s annual territorial emissions in 2024; also notes that opening any new North Sea oil and gas fields is inconsistent with limiting warming in line with the temperature thresholds in the Paris Agreement, to which the UK is a signatory; agrees with the head of the International Energy Agency that new fields like Rosebank would not change much for the UK’s energy security, nor would they change the price of oil and gas as the vast majority of the oil is exported and sold on the international market; and therefore urges the Government to reject Rosebank and prioritise investment in a clean energy transition that supports workers, communities and future generations.