Image: Offshore oil platform in the north sea. Source: Shutterstock
The news today that Shell has pulled out of the Cambo oil field development west of Shetland is welcomed by all engaged in the fight against climate change. Shell claims this is for economic reasons. Groups concerned with Climate Change argue that it is essential for Net Zero.
Whether or not this is a case of doing the right thing for the wrong reasons, it is the right thing, argues specialist angel investor, Green Angel Syndicate. "We cannot continue to expand oil and gas production indefinitely and still expect to reduce carbon concentrations in the atmosphere to habitable levels for the human race," states Founder and President, Nick Lyth.
Green Angel Syndicate is working for the transition towards a non-hydro carbon based economy in all its investments. "Last night, we saw an excellent presentation from a company innovating with radical battery improvements for EV's. But we cannot expect this to be effective quickly unless the Government gets real about Climate Change," Lyth continues. "Why isn't the chargepoint infrastructure available in every service station in the UK? Why isn't there a single consistent protocol? At the moment, provision for EV's on UK roads is a bad joke, the Government has simply not thought it through, let alone taken responsibility for it. The infrastructure is not yet fit for purpose, which makes EV's a very difficult purchase decision - and the continuation of the Shell-fuelled, carbon emitting internal combustion engine a necessity."
The domestic heat problem is even worse, according to Green Angel Syndicate. "Switching off the Cambo field will make no difference to the problem of domestic heat. In the UK, we are plugged into the gas grid for the foreseeable future, because there are no economically and practically viable alternatives to gas boilers," according to Lyth.
So this morning's news is certainly welcomed by the Membership of Green Angel Syndicate, but will it make a difference? Not until it is backed up by Government action, according to them.
Notes to Editors
Green Angel Syndicate (GAS) is one of the largest angel syndicates in the UK, and the only one specialising in the fight against Climate Change. GAS has attracted over 300 members and invested in 28 start-up and early-stage companies across 10 different economic sectors.