Fossil fuel extraction at Rosebank makes no sense, we have an obligation to lead the world on net zero

To allow it would be the wrong decision.

Because none of the arguments in favour of it stack up.

Firstly, it will do nothing to reduce bills for people here in the UK. Oil and gas is purchased on the open, global market. The worldwide price of fossil fuels is affected by global events – like the war in Ukraine, which sent prices shooting up a few years ago. The amount of oil extracted at Rosebank wouldn’t make a dent in the global price, or our bills.

Secondly, the best way to get energy prices down is to move – as fast as possible – to renewable, domestic sources of energy. But drilling at Rosebank would set that back: it would divert the investment needed to grow the renewables sector away into fossil fuels. That would slow the speed at which we develop the renewables sector - which is what’s really needed to bring down bills.

Thirdly, it would be bad for jobs in the energy sector. Yes, oil and gas will still play a role in our energy mix for years to come. But even with aggressive fossil fuel extraction at Rosebank, the supply of oil in the ground is dwindling. It will run out – that’s a simple fact. That means that if we encourage workers to focus all their efforts on fossil fuel extraction, they could quickly find themselves marooned. They will be stuck in an oil and gas sector with a time-limited future, when instead we should support them to convert their incredible skills and experience to the renewables sector, where there will be plentiful jobs for decades to come.

But the biggest reason drilling at Rosebank doesn’t stack up is environmental. We are already experiencing climate change: last year was the hottest on record, and this year will probably beat it. We know the only way to stop global warming is by reducing our dependency on fossil fuels. But Rosebank would emit 200 million tonnes of carbon dioxide – more than all 28 low-income countries combined. If we are serious about tackling climate change, drilling at Rosebank would be completely the wrong decision.

So for bills, for jobs, and for the climate, fossil fuel extraction at Rosebank makes no sense.

Instead, we have an opportunity. Britain led the world on industrialisation. As the first nation to industrialise, we have an opportunity and an obligation to lead the world on net zero too.

If we can show that focusing on the renewable energy sector is the route to prosperity and jobs, we will encourage other countries to follow us. And that British leadership will be instrumental in the global fight on climate change.

A hard-headed assessment of the impact on bills, jobs, the industry and the climate all lead to the same conclusion: allowing drilling for fossil fuels at Rosebank would be the wrong decision.

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Chris Murray is the Labour MP for Edinburgh East and Musselburgh.

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