Offshore oil and gas is so back...wards

This just in: new offshore oil and gas exploration are allowed in Aotearoa once more. This from Bridie Witton:

The Government is set to repeal the offshore oil and gas exploration ban on Thursday, dismantling one of Labour’s signature climate policies and reversing the stand Jacinda Ardern took against fossil fuels in 2018.

This is a move that, if it was really about energy costs, does a horrible job compared to electrifying everything.

Renewables have already won. Across the world, solar power is revolutionising our energy system. It is already the cheapest form of energy and costs continue to go down as China leans in hard to electrification.

Oil and gas just aren't it anymore. Our future energy system will be built on cheap batteries, cheap solar power, our existing hydro dams and electric machines replacing all our old fossil fuelled engines. This is a remarkable revolution, and even the government acknowledges it. It's setting the stage for rapid deployment of renewable energy across the country – which will matter far more to the cost of living than any oil and gas.

It harms our international reputation. Some argue that banning offshore oil and gas harmed it. The argument goes that the ban scared companies from investing in extracting oil and gas they'd already found, despite the fact that they had every legal right to. When Ardern banned offshore oil and gas, she explicitly didn't ban existing oil and gas fields or existing permits. Oil producers have been able to extract fossil fuels this whole time.

Restoring new exploration is a flip flop of severe proportions. Just four years ago we joined the Beyond Oil and Gas Alliance, and now we're the first country to leave. Our international trading partners want low pollution allies – that's why Fonterra offers incentives for low carbon dairy producers. They're looking for stability and forward thinking as our high value customers want more sustainable, low pollution products. The vibes are off.

All this reputational risk is to extract something that isn't really a thing here. It blew me away that the last commercially viable oil and gas reserve in New Zealand was 2005. Before High School Musical was released. Why on earth would we subsidise these endeavours for something that has a pretty poor track record for being worth it?

Ultimately, this policy feels like governing by culture war. The old offshore oil and gas policy banned future exploration for an industry that hadn't found anything in years. Now, the policy's demise is being championed by a Coalition that should really invest in affordable, cost-cutting renewables.

It's not the end of the world that this happened, it just infuriates me that our leaders are spending time on fossil policies that won't improve energy costs.

The tide is turning on fossil fuels. A couple in Wellington with gas water, a gas stove and a petrol car can stand to save $100 a week if they electrify everything.

I'd really appreciate our leaders spending more time helping whānau electrify rather than financing unviable fossil fuel exploration. If they did, we would all have a cheaper existence.