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00:27 >> This is I think is an important thing that's happened today.
00:30 It's good for energy security.
00:31 It's good for jobs and investment in this country.
00:34 And overall it means lower emissions.
00:36 Overall the UK is a net importer of oil which means that we need oil and gas in the future.
00:41 And I think it's important that it's produced here because that means jobs
00:44 and investment right here in the UK.
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00:54 >> Well three years ago the International Energy Agency
00:57 which is the world's leading authority on energy, not some green NGO said,
01:02 if we're going to tackle the climate crisis,
01:04 if we're going to keep the global temperature rise
01:06 to below 1.5 degrees we can have no new fossil fuel projects.
01:10 Three years later we're here and our government has just approved the development
01:15 of the largest undeveloped oil field in the North Sea.
01:18 Let's be really clear, this is a disaster for the climate.
01:22 [ Background noise ]
01:47 >> I think it is sending out terrible messages to investors and the despair
01:51 that they feel that the UK is not only a country which is running back
01:55 on those commitments but is an unreliable partner, has consequences
01:59 for the whole of the UK economy.
02:00 [ Background noise ]
02:08 >> We will have to have oil as part of the mix going forward.
02:12 The Climate Change Committee has already said that.
02:15 So the question is do we want domestic oil or do we want
02:20 to import foreign oil which is of course not net zero friendly.
02:25 [ Background noise ]
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