Britain on Wednesday approved the Jackdaw North Sea gas field, ending years of legal and political wrangling that had pitted the Labour government’s climate commitments against its push to bolster energy security.
\n\nBritain’s energy minister, Miatta Fahnbulleh, said the project will start to supply gas to British homes and businesses from as early as the end of this month.
\n\nAt the same time, she said a new Energy Wealth Fund would be established by the government with a £2 billion downpayment to reinvest oil and gas revenues into the climate transition.
\n\nFahnbulleh said Jackdaw was expected to increase domestic gas production by around 6% at its peak and support the country’s gas supply over its lifespan of up to 11 years, boosting energy security and protecting hundreds of jobs.
\n\n“At a time when people are really struggling, it’s right that we look in a responsible way at maximizing the existing energy reserves we have in Britain that could help,” said Prime Minister Andy Burnham.
\n\n“Even on our ambitious climate path, we’ll still require oil and gas as part of our energy needs for decades to come. That’s why we’re taking a pragmatic approach to the North Sea.”
\n\nAdura, the joint…
Original source: https://www.nbcnews.com/business