Press release: 3 December 2021
Shell's Cambo exit: ClientEarth lawyers react
ClientEarth’s Climate Accountability Lead Sophie Marjanac said:
"New oil and gas projects are reckless for the climate and the economy. If the Government doesn’t start phasing out UK oil and gas and focus on a just transition for workers – like other major economies promised to do, at COP26 – it's only setting up the industry for chaotic collapse. And we'll see more of this risky approach to investment in the meantime.
“The Government’s persistent refusal to rule out new fossil fuel projects, such as this high-cost, carbon-intensive oilfield, is wholly inconsistent with its pledges on climate. Approving new oil and gas threatens to derail global efforts to curb emissions and limit global heating to safe levels.
“Shell’s exit from Cambo should serve as a Road to Damascus moment for banks and financial backers of new oil and gas. Investing in new fossil fuel projects is nonsensical, and arguably contrary to bank directors’ fiduciary duties in light of the of the rapidly escalating stranded asset risk – a concept that is now more than a decade old.”
ClientEarth is a non-profit organisation that uses the law to create systemic change that protects the Earth for – and with – its inhabitants. We are tackling climate change, protecting nature and stopping pollution, with partners and citizens around the globe. We hold industry and governments to account, and defend everyone’s right to a healthy world. From our offices in Europe, Asia and the USA we shape, implement and enforce the law, to build a future for our planet in which people and nature can thrive together.