Korean funding of $500m for Santos’ Barossa threatened if emissions not reduce

SK’s various, in line with the financial institution’s reply to the South Korean parliamentarian, is the acquisition of Australian carbon credit score items.

Dongjae Oh, a researcher with South Korean group Options for Our Local weather, stated the integrity and effectiveness of carbon offset mechanisms – together with Australia’s – have been broadly criticised.

“It’s shameful for Santos and SK E&S to suppose they will purchase their manner out of getting to take care of inflicting thousands and thousands and thousands and thousands of tonnes of the very air pollution that has already led to worsening fires, and floods round Australia.”

SK’s concern is one other complication for the Barossa venture.

Final week, Santos’ environmental approval offshore drilling was voided by the Federal Courtroom on account of a scarcity of session with Tiwi Islanders, resulting in an order for Santos’ drilling rig to vacate the world in two weeks.

Santos is but to undergo offshore regulator NOPSEMA an surroundings plan for the pipeline that passes near the Tiwi Islands or for operation of the venture the place its excessive emissions are more likely to be a problem.

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