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Hi Jake, had you had any thoughts on the decision of HMG to grant new oil licences in the North Sea?

Personally I feel that campaign groups will try and find a way to challenge the grant of the licences, particularly with regards to any impact assessments (downstream affects of projects could potentially be included depending on the outcome of the case before the UKSC). I also think the financing of projects could potentially be difficult as lenders put pressure on to make greener choices, as well as investor pressure on oil majors to invest in renewables.

However a future labour gov may be in trouble if it tried to cancel licences granted, potentially facing claims under investment law.

For law firms I think they would be complicated projects to work on, the above would have to be factored into advice to potential developers. It would be high billing work due to the complexity involved and potential challenge, but potentially damaging to the reputation of a firm who took on the work, particularly firms who have been pushing ‘green’ credentials