Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

BP wins over Greenpeace in North Sea oil court case

Published : , on

LONDON (Reuters) – A Scottish court handed BP a win over Greenpeace on Thursday after the environmental group tried to void the energy company’s licence to exploit a North Sea oilfield, saying the climate impact of the end-use of oil should not affect permits.

Greenpeace had said the emissions from the ultimate consumption of the oil – rather than just the smaller amount of emissions from the extraction process – should be the criterion for granting a licence.

It also said there had been errors in the consultation process preceding the granting of the permit.

UK regulators approved the 20,000 barrels per day Vorlich field, off the coast of Aberdeen, Scotland, in 2018 and it started producing in late 2020.

Judge Colin Sutherland of Scotland’s Court of Session in a ruling on Thursday said Greenpeace had the opportunity to engage in the process before the permit was granted.

“The question is whether the consumption of oil and gas by the end user, once the oil and gas have been extracted from the wells, transported, refined and sold to consumers, and then used by them are ‘direct or indirect significant effects of the relevant project’. The answer is that it is not,” the judge said in his decision, seen by Reuters.

“It would not be practicable, in an assessment of the environmental effects of a project for the extraction of fossil fuels, for the decision maker to conduct a wide ranging examination into the effects, local or global, of the use of that fuel by the final consumer.”

Typically permits are granted according to how emissions-efficient the extraction process itself is.

Greenpeace said it would seek an appeal before the Supreme Court of the United Kingdom.

“We will not give up the fight for the climate,” Greenpeace UK executive director John Sauven said in a statement.

BP’s emissions from operating and powering assets such as oilfields, known as Scope 1 and 2, were 54 million tonnes of CO2 equivalent last year, while those of the end-use of its products, known as Scope 3, were 328 million tonnes.

BP has pledged to become a net zero company, including its Scope 3 emissions, by 2050.

It had no immediate comment on Thursday’s ruling, which follows a series of legal actions brought by climate campaigners that are increasingly turning to the courts to try cut fossil fuel use. They have scored wins in cases against energy major Royal Dutch Shell and governments such as Germany.

(Reporting by Shadia Nasralla; editing by Barbara Lewis)

 

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post