On a High Note: Shell Pulls Out of Cambo Oilfield Project
Climate activists in the United Kingdom notched a major victory this week, as Shell backed out of its plans with Siccar Point Energy to develop the Cambo oil fields off the coast of Scotland's Shetland Island. The project in the North Sea, which was originally approved by the UK government in 2001, has been a flash point in the UK's battle to decarbonize their economy.
Organizations, like ClientEarth, had long threatened legal action against the development, as activists argue that allowing new oil projects violates the UK government's commitment to be carbon-neutral by 2050.
While the jury remains out on the legality of the project, the Cambo Oil field may have been dealt a final blow with Shell's exit. Interestingly, the oil giant says that their decision to pull out is based on one thing: the bottom line -- delays, difficulties, and disappointment at Cambo mean "the economic case for investment is not strong enough at this time."
Though Siccar Point still believes in the project, its fate remains in jeopardy. Activists are celebrating. Phillip Evans of Greenpeace told the Guardian: "This really should be the deathblow for Cambo. With yet another key player turning its back on the scheme the government is cutting an increasingly lonely figure with their continued support for the oil field.
GBNews: Net zero - John Grant discusses Shell's decision to pull out of the Cambo oil field development, December 4, 2021.
Sky News: Are fossil fuels falling out of favour?, December 3, 2021.