Kemi Badenoch to pledge reversal of Ed Miliband's 'disastrous decision' in major speech

Kemi Badenoch will vow to remove all net zero requirements on oil and gas companies operating in the North Sea in a speech on Tuesday. The Conservative leader will also pledge to "maximise the extraction of our oil and gas" while on a visit to Aberdeen in Scotland.

Mrs Badenoch is set to say: "Labour sees the North Sea as a relic of the past, we see it as a cornerstone of Britain's future. By restoring common sense to energy policy, we will unlock billions in revenue, secure our supply, and rebuild confidence in the UK economy. Under the Conservatives, British energy will power British prosperity."

Her Party's plan is to end Labour's ban on new oil and gas licences, reverse the ban on providing "financial or promotional support for the fossil fuel energy sector overseas" and replace all mandates on the North Sea Authority replace them with one overarching mandate to "maximise the extraction of our oil and gas".

The Tories said that by scrapping the ban on new oil and gas licences, reversing Ed Miliband's "disastrous decision", the Conservatives would make clear that the North Sea is open to business.

Most of what remains in the North Sea basin - around 70% of reserves - is oil. The majority (at least 80%) of the oil produced each year is exported. Since 2000, the UK's North Sea gas production is down by two-thirds and is set to drop by another 97% by 2050 - even with new licensing rounds it would fall by 95%.

Jess Ralston, energy analyst at the Energy and Climate Intelligence Unit, said: "UK oil and gas is sold to the highest bidder by the companies that extract it and that price is set by the international market. More drilling in the North Sea won't stabilise British households bills, nor guarantee that oil or gas stays in the UK.

At the moment 80% of oil is exported and output has been falling for decades given the North Sea is a mature basin. Jobs in the sector have sadly already more than halved in the last decade, despite new licenses being issued.

"More British renewables mean we're less dependent on gas for electricity and electric heat pumps do the same for heating homes. Together they mean we're genuinely more energy independent as a country. Failing to speed up deployment is a sure-fire way to become ever more dependent on foreign energy and foregoing job opportunities for workers leaving the fossil fuel industry."

The Government's independent advisors on climate change, the Climate Change Committee, has said that reducing emissions by 87% compared to 1990 levels could cut average household energy bills to £700 below today's levels by 2050, and cut household motoring costs by a similar amount.