Projected economic loss and damages from new UK oil and gas fields unequivocally show their destruction of value globally

Modelled future emissions pathways compliant with limiting global temperature rises to 2C show the need to avoid expansion of oil and gas supply. However, several countries are examining reversals to previous licensing halts or bans for new projects, driven in some cases by energy security concerns as well as the prospects of job creation and economic growth. Despite growing evidence on the economic loss and damage caused by carbon emissions, regulatory assessments for licensing typically treat the economic and environmental aspects separately.

Using peer-reviewed estimates of cumulative climate loss and damages to 2100 from future emissions, we quantify the future destruction of economic value from greenhouse gas emissions caused by the approval of the Rosebank and Jackdaw oil and gas fields in the UK. The Python notebook and related datafiles required to recreate the calculations and figures underpinning the draft publication. are included here.