Savva_25/Shutterstock Greg Muttitt, UCL; Fergus Green, UCL, and Steve Pye, UCL North Sea oil and gas has become a battleground issue in the UK general election. The Labour party’s manifesto promises an end to issuing new licenses for finding oil and gas. The Conservative party meanwhile proposes a law that would require the next government to hold a licensing round every year. Our recent study found that new fossil fuels are not needed, and that stopping the extraction of new coal, oil and gas is among the best ways to tackle the climate crisis. Scientific assessments tell us that global warming above 1.5°C will mean escalating danger to the environment, human health and the economy. We found that, in a world that limits warming to 1.5°C, remaining global demand for fossil fuels could be met by assets that have already been built. This means that Labour’s plans do not go far enough. Even under existing licenses, new oil and gas fields need not be opened, nor new platforms and pipelines built. Surplus to requirements Our research confirms an earlier finding of policy experts at the International Energy Agency (IEA): that no new fields are needed to meet energy demand as the world attempts to achieve net zero emissions. However, our analysis goes further by demonstrating that no new fossil-fuelled power stations are needed either. If governments stop new projects, the production and consumption of fossil fuel will gradually decline over coming decades as existing assets reach the end of their lifespans. This gradual transition will give time to plan the process, to protect and create jobs and to build solar and wind farms that meet energy demand as fossil fuels are phased out. Winding down the fossil fuel industry should allow workers time to retrain. Arild Lilleboe/Shutterstock A stop to new fossil fuel projects is essential to “transitioning away” from coal, oil and gas, which is what governments agreed to do in December 2023 at the COP28 climate summit in Dubai. This is a necessary commitment, but since it is expressed as a vague and collective goal with an indeterminate end point, it is easy for governments to pay lip service to it while maintaining business-as-usual. The IEA recently reported that global investment in fossil fuels has increased every year since 2020, even as governments announced net zero emissions targets. An investigation by campaign group Global Witness found that the United Arab Emirates signed over US$100 billion of oil deals in 2023 while it presided over climate negotiations. Commitments to no new fossil fuels, such as Labour’s plan to end new licensing, are less prone to obfuscation because they are specific and immediate. What’s more, it is clear for everyone to see if a new fossil fuel project is being built. Making commitments that are easily verifiable is a proven recipe for building international trust and cooperation around a shared goal. There are also political advantages to stopping new fossil fuel projects. Coalitions that support fossil fuels, including oil firms…