The climate science has always been clear that there can be no new oil and gas fields if we're to limit warming to 1.5ºC, but today Shell have admitted there's no economic case either.
They also cited the 'potential for delays' - delays caused by the Stop Cambo campaign!
Shell had a 30% stake in the project, but without them the future of Cambo crumbles.
Siccar Point Energy (who have the remaining 70%) will really struggle to get someone to take this on if one of the biggest oil companies in the world doesn't want to be involved!
This is a real turning point - the beginning of the end of new oil & gas!
The science is clear, the public know it, politicians see it and now even the oil companies are admitting time's up.
Govt must reject Cambo, all new oil & gas, and deliver a just transition for workers.
Whatever role you played in the #StopCambo campaign - whether you signed a petition, wrote to your MP or MSP, organised actions or took to the streets - you all did this together. Celebrate tonight!
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Just been chatting about Shell & Cambo on BBC Scotland radio. A few things:
1. The campaign isn't over! Shell pulling out of the project puts Cambo's future on the rocks, but we'll keep going until Cambo and ALL new fields are stopped by the government, for good.
2. We need to better distinguish between new projects and the oil & gas in existing fields.
There are 6.5 billion barrels of oil in the UK's 200+ open or approved fields. That's enough to see us through years of the energy transition - stopping new fields is not a rapid end.
3. The arguments that we need Cambo and new fields because we need oil for years to come are therefore bogus! We already have enough, and the govt's climate advisors have said that needing oil in the transition is not a justification for new fields.