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Kwasi Kwarteng wants natural gas to be reclassified as ‘green’ energy source to entice investors

The federal government is reportedly intent on classifying pure fuel as a “inexperienced” choice for buyers within the face of protest by environmental campaigners.

Enterprise secretary Kwasi Kwarteng is alleged to be eager for drilling for fuel within the North Sea is reclassified by his division and the Treasury as “environmentally sustainable” – to encourage banks and pension funds to put money into the extraction tasks, in line with the Telegraph.

Extracting and burning pure fuel considerably will increase carbon dioxide (CO2) emissions, inexperienced campaigners have warned.

However consultants and officers – together with the European Fee final 12 months – have endorsed pure fuel as a “transitional gas” that they are saying can bridge the hole between coal and oil, which emit extra carbon emissions, and clear renewable sources of vitality.

On Friday, campaigners from Inexperienced New Deal Rising and Cease Cambo protested towards the sky-high prices of fuel and electrical energy inside a constructing the place Mr Kwarteng was to satisfy enterprise executives.

They added that vitality firm Shell has posted earnings of £7 billion whereas many individuals are having to decide on between paying their payments or shopping for groceries.

Inexperienced New Deal Rising accused Mr Kwarteng of placing “Shell’s earnings earlier than individuals’s lives” – including that the federal government has rejected the concept of imposing a windfall tax on vitality corporations that might have funded help for these struggling to make ends meet.

Footage posted by the teams on social media exhibits a girl approaching Mr Kwarteng to say: “You might be mendacity to the UK public. You are attempting to make us imagine that by drilling new oil and fuel we shall be secure.

“However in actuality you’re trapping us into an unaffordable vitality system and you’re destroying our future. The local weather disaster will destroy our future.”

After, Mr Kwarteng tweeted: “Shout and scream all you want, however I’m not going to place Britain’s vitality safety in danger by shutting off home oil and fuel manufacturing. We are going to want oil and fuel for many years to come back.

“Both we supply extra of what we’d like from the North Sea, or import extra from overseas.”

Inexperienced New Deal Rising responded to his tweet saying: “You clearly weren’t listening, Kwasi. We wish no NEW oil and fuel. There are over 200 oil & fuel fields producing within the North Sea. We don’t want extra.

“The IEA have stated repeatedly that we can not exploit new oil & fuel wherever if we need to keep away from catastrophic local weather change.

“The individuals of the UK desire a dependable, inexpensive vitality provide that doesn’t threat their future.

“Approving new fuel fields makes us extra weak to rising fuel costs and extra depending on non-public firms like Shell, who’re below no obligation to promote us fuel cheaply or in any respect.

“The easiest way to import much less oil & fuel is to wish much less of it. We will do this by a large programme of vitality effectivity and by eradicating roadblocks to the most cost effective, quickest renewable vitality – onshore wind.”

In November 2020, chancellor Rishi Sunak stated the federal government will create a “inexperienced taxonomy” to ascertain which sectors assist the UK in assembly its local weather objectives as a information for buyers.

As a part of Mr Sunak’s general plans to assist the UK meet its 2050 internet zero goal and different environmental goals, his division final 12 months launched its first Sovereign Inexperienced Bond.

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