Urgent action needed for UK to hit net zero goals: CCC
The UK increased the rate of reduction in its greenhouse gas (GHG) emissions in 2023, but "urgent action" is needed if the country is to hit its targets in 2030 and beyond, the independent advisory Climate Change Committee (CCC) found today.
The report assessed the UK's progress towards its net zero goals against policy set out by the previous Conservative government. The new Labour government, which has been in power since 5 July, has already set the scene for a stronger decarbonisation agenda. But it "will have to act fast to hit the country's commitments", the CCC said. The committee tracked progress on 28 key indicators. Of the 22 that have a benchmark or target, just five are assessed as "on track".
The UK's GHG emissions stood at 393mn t/CO2 equivalent (CO2e) in 2023, down by 5.4pc, or 22mn t/CO2e, on the year, provisional data show. This estimate excludes contributions from international aviation and shipping, as these are not included in the UK's 2030 target of a 68pc cut in GHG emissions, from a 1990 baseline.
The UK's GHG emissions including the country's share of international aviation and shipping were 423.3mn t/CO2e in 2023, preliminary data show, 49.5pc lower than in 1990. The drop in GHGs has largely been driven by the decrease in coal-fired power generation over that time span.
Although progress has been made, the previous administration "signalled a slowing of pace and reversed or delayed key policies", the CCC noted. The reduction in GHG emissions in 2023 is "roughly in line with the annual pace of change needed" to hit the 2030 target, but the average annual rate over the previous seven years is "insufficient", the committee added. The UK's 2030 emissions reduction goal is the first in line with reaching net zero by 2050.
The new government has placed strong focus on decarbonising electricity in its first days in office, but this is "not enough on its own", CCC acting chief executive James Richardson said. The average annual rate of GHG reduction outside the electricity supply sector over the previous seven years was 6.3mn t/CO2e, but this will need to more than double to 2030 if the UK is to meet its targets, the CCC found.
The committee found that in order to reach targets, "annual offshore wind installations must increase by at least three times, onshore wind installations will need to double and solar installations must increase by five times" by 2030, while oil and gas use should be "rapidly" reduced. The CCC also recommended that around 10pc of UK homes will need to be heated by a heat pump by 2030, in comparison to approximately 1pc today. And the market share of new electric cars needs to increase to "nearly 100pc" by 2030, from a current share of 16.5pc.
Labour pledged in its manifesto to restore the 2030 phase-out date for sales of new gasoline or diesel-fuelled cars, while it has set ambitious targets for renewable energy installations and pledged zero-carbon power by 2030. It has also committed to no new oil, gas or coal licences.
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Francine shuts in about 42pc of US Gulf oil: Update 2
Francine shuts in about 42pc of US Gulf oil: Update 2
Adds spot crude pricing information, NOLA port reopening. New York, 12 September (Argus) — Hurricane Francine, which has since weakened to a tropical depression as it passes over central Mississippi, shut in about 42pc of US Gulf of Mexico oil output. About 730,472 b/d of offshore oil output was off line as of 12:30pm ET Thursday, according to the Bureau of Safety and Environmental Enforcement (BSEE), while 991.68mn cf/d of natural gas production, or 53pc of the region's output, was also off line. Operators evacuated workers from 169 platforms this week ahead of the storm. Companies including Chevron, ExxonMobil and Shell relocated offshore workers and suspended some drilling operations ahead of Francine, while a number of ports, including New Orleans, Louisiana, shut down. Shell curtailed output at the Appomattox platform, around 80 miles south east of Louisiana, as well as the Mars, Vito, Ursa, and Olympus platforms because of downstream issues. Today Shell said it has started to redeploy staff to its Perdido facility, located about 190 miles south of Houston, where production is still shut. Operations at Shell's Auger and Enchilada/Salsa assets, about 120 miles south of Vermillion Bay, Louisiana. remain suspended. Drilling is still halted at the Whale platform, which is scheduled to start up later this year. "As conditions continue to improve, we will begin the process of redeploying personnel to Auger and Enchilada/Salsa to bring staffing to normal operating levels," Shell said. Offshore crude spot prices rise Crude from Shell's Appomattox project moves through the offshore Proteus and Endymion pipelines to be marketed as part of the medium sour Thunder Horse stream, which has dedicated underground cavern storage in LOOP's Clovelly, Louisiana, hub. In today's spot market, prompt October Thunder Horse has been trading at a 30¢/bl premium to the US benchmark in Cushing, Oklahoma, today, 20¢/bl higher than in the prior session. Crude from Shell's Mars, Vito, Ursa and Olympus platforms also delivers to LOOP's Clovelly hub, and is sold as Mars crude from there, where the medium sour also has dedicated cavern storage. Mars crude has sold in the spot market today at 70-80¢/bl discounts to the Cushing benchmark, in line with yesterday's 75-80¢/bl discounts. Shell's Auger and Enchilada/Salsa production feeds primarily into the Bonito Sour crude stream, a light sour that is not often seen trading in the spot market. Perdido feeds into ExxonMobil's Hoover Offshore Oil Pipeline System (HOOPS), that delivers the HOOPS Blend to the Texas Gulf coast. HOOPS Blend is a medium sour crude that is not actively traded in the spot market. Competing Texas-delivered medium sour Southern Green Canyon (SGC) was trading at a $1.25/bl discount to Cushing this morning, within yesterday's range of discounts between $1 and $1.30/bl. SGC discounts had tightened to as narrow as 70¢/bl this week — the tightest since mid-August. Ports reopening Conditions at the port of New Orleans were set to normal at 2pm ET today after the port was closed ahead of the storm, according to the US Coast Guard. The mouth of the Mississippi River remained closed to traffic however. The port of Lake Charles reopened to vessel traffic at 11am ET Thursday after closing on Tuesday evening. Francine was about 15 miles north-northeast of Jackson, Mississippi, as of a 12pm ET advisory from the National Hurricane Center, with maximum sustained winds of 35mph. It slammed into the Louisiana coast as a Category 2 hurricane Wednesday evening before weakening. By Stephen Cunningham and Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Gulf refiners report no serious storm damage: Update
US Gulf refiners report no serious storm damage: Update
Adds detail on Shell, Citgo, Chevron and ExxonMobil refinery operations. Houston, 12 September (Argus) — Refined products supply in Louisiana appears stable and largely unaffected by Hurricane Francine which made landfall last night as a Category 2 hurricane on the US Gulf coast. Fuel terminals and racks distributing gasoline, diesel and jet fuel in the state were largely unaffected, sources said this morning. Some terminals shut loadings during the peak of the storm late Wednesday and in the early hours of Thursday but were back online or restoring operations today. ExxonMobil's 523,000 b/d Baton Rouge refinery is operating as normal and supplying customers, a company spokesperson said today. "There appears to be no significant damage or flooding at our Baton Rouge area facilities," the spokesperson said. Oil major Shell also said today that there appears to be no serious damage at its Geismar chemicals plant, mothballed Convent refinery and 234,000 b/d Norco refinery in Louisiana. Before the storm, Shell limited personnel at the three plants as it prepared for landfall from Francine. Refineries often have "ride out" crews in place during a major weather event and a smaller number of essential operators continue to oversee the plant. Directly across the Mississippi River from Exxon, BP evacuated staff on Wednesday at a lubricants plant it operates in Port Allen. In far west Louisiana, Citgo's 455,000 b/d Lake Charles refinery faced no damage and is returning to normal operations, the company said today. To the east of Louisiana and closer to the storm's path, Chevron's 357,000 b/d Pascagoula, Mississippi, refinery is operational and supplying customers, the company said today. While details of damages could still emerge for plants in Louisiana run by the likes of Marathon Petroleum, PBF, Valero and Delek, market participants this morning said they expect a return to normal for operations in the coming days. With peak summer demand season over , refiners cutting runs due to narrow margins and the fall turnaround season underway , market participants were less worried about refineries curtailing operations or shutting terminals headed into Hurricane Francine compared to Hurricane Beryl earlier this summer. Beryl also threatened the Texas coast, home to 6mn b/d of refining capacity — about a third of the US total — compared to Louisiana's 3mn b/d. By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Francine shuts in about 42pc of US Gulf oil: Update
Francine shuts in about 42pc of US Gulf oil: Update
Adds BSEE shut-in data update. New York, 12 September (Argus) — Hurricane Francine, which has since weakened to a tropical depression as it passes over central Mississippi, shut in about 42pc of US Gulf of Mexico oil output. About 730,472 b/d of offshore oil output was off line as of 12:30pm ET Thursday, according to the Bureau of Safety and Environmental Enforcement (BSEE), while 991.68mn cf/d of natural gas production, or 53pc of the region's output, was also off line. Operators evacuated workers from 169 platforms this week ahead of the storm. Companies including Chevron, ExxonMobil and Shell relocated offshore workers and suspended some drilling operations ahead of Francine, while a number of ports, including New Orleans, Louisiana, shut down. Shell curtailed output at the Appomattox platform, around 80 miles south east of Louisiana, as well as the Mars, Vito, Ursa, and Olympus platforms because of downstream issues. Today Shell said it has started to redeploy staff to its Perdido facility, located about 190 miles south of Houston, where production is still shut. Operations at Shell's Auger and Enchilada/Salsa assets, about 120 miles south of Vermillion Bay, Louisiana. remain suspended. Drilling is still halted at the Whale platform, which is scheduled to start up later this year. "As conditions continue to improve, we will begin the process of redeploying personnel to Auger and Enchilada/Salsa to bring staffing to normal operating levels," Shell said. The port of Lake Charles reopened to vessel traffic at 11am ET Thursday after closing on Tuesday evening. The port of New Orleans remained closed. Francine was about 15 miles north-northeast of Jackson, Mississippi, as of a 12pm ET advisory from the National Hurricane Center, with maximum sustained winds of 35mph. It slammed into the Louisiana coast as a Category 2 hurricane Wednesday evening before weakening. By Stephen Cunningham and Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Gulf fuel infrastructure stable post-hurricane
US Gulf fuel infrastructure stable post-hurricane
Houston, 12 September (Argus) — Refined products supply in Louisiana appears stable and largely unaffected by Hurricane Francine which made landfall last night as a Category 2 hurricane on the US Gulf coast. Fuel terminals and racks distributing gasoline, diesel and jet fuel in the state were largely unaffected, sources said this morning. Some terminals shut loadings during the peak of the storm late Wednesday and in the early hours of Thursday but were back online or restoring operations today. Before the storm, oil major Shell said limited personnel were working at its Geismar chemicals plant, mothballed Convent refinery and 234,000 b/d Norco refinery in Louisiana on Wednesday as the facilities prepared for landfall from Francine. Refineries often have "ride out" crews in place during a major weather event and a smaller number of essential operators continue to oversee the plant. BP evacuated staff on Wednesday at a lubricants plant it operates in Port Allen. Directly across the Mississippi River, ExxonMobil's 523,000 b/d Baton Rouge refinery was preparing for severe weather, but was operating and meeting customer commitments on Wednesday, prior to landfall. Other refiners with operations in Louisiana such as Marathon Petroleum, Chevron and Citgo had their eyes on the storm as it headed towards the coast. While details of damage at plants could still emerge, market participants this morning said they expect a return to normal for operations in the coming days. With peak summer demand season over , refiners cutting runs due to narrow margins and the fall turnaround season underway , market participants were less worried about refineries curtailing operations or shutting terminals headed into Hurricane Francine compared to Hurricane Beryl in the summer. Beryl also threatened the Texas coast, home to 6mn b/d of refining capacity — about a third of the US total — compared to Louisiana's 3mn b/d. By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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