UK Labour leader Keir Starmer will announce plans to block all new North Sea oil and gas developments and limit borrowing to green investment, the Sunday Times reported, citing an unidentified person in the Labour party.
(Bloomberg) — UK Labour leader Keir Starmer will announce plans to block all new North Sea oil and gas developments and limit borrowing to green investment, the Sunday Times reported, citing an unidentified person in the Labour party.
Starmer is expected to set out a net zero energy policy, which would include the pledge to ban new North Sea licenses, in Scotland next month. The policy will be one of Starmer’s five key pledges to the electorate, the newspaper said.
Starmer will also announce that a Labour government would only borrow to invest in green enterprises. The party will set out its fiscal plans in full at the election, the person said. Â
Labour would continue to use existing oil and gas wells over the coming decades and manage them sustainably as we transform the UK into a clean energy superpower, the newspaper said.Â
Read more: North Sea Offshore Contractors to Start 48-Hour Strikes in June
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