Billionaire investor threatens to pull out of UK amid global outcry at new oil rush

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The billionaire Australian mining tycoon and investor Andrew Forrest has led international condemnation of the UK’s new oil rush, saying he would pull his major investment from the country if the prime minister pursued “clickbait” fossil fuel policies.

The prime minister’s announcement that more than 100 new oil and gas drilling licences would be granted for the North Sea in the autumn has sparked condemnation from climate scientists, energy experts and some within his own party.

The return to fossil fuel drilling puts the UK at odds with a string of European countries including Ireland, Denmark and Spain, who have already announced bans on new oil and gas exploration in order to tackle climate breakdown.

“Far-right Tories are beginning to resemble US Republicans, a development that can only undermine UK credibility internationally and improve Labour party prospects,” said Bledsoe, a strategic adviser at the Progressive Policy Institute in Washington DC.

In a high-profile policy announcement after flying into Scotland on Monday, Sunak claimed granting more than 100 new oil and gas drilling licences would drive down energy costs and help the UK lead the way on net zero.

But Jim Watson, a professor of energy policy and director at the University College London Institute for Sustainable Resources, said Tory ministers’ statements on the new licences were misleading, including claims that drilling for oil and gas domestically was better for the environment.

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