The UK is one of the world’s most carbon-intensive countries when it comes to its fossil fuel use.
However, the country’s government is planning to sell off an entire fossil fuel storage facility, which will then be auctioned off in a major way to raise money to help tackle the countrys soaring emissions.
The Fossil Fuel Storage (FGS) project was set to be auctionised off in April but was postponed after the UK’s Energy Secretary Ed Davey announced that the government would be closing down a whole fossil fuel facility in the south east of England in the next few weeks.
Davey told the BBC that the decision was made after “a long and careful process”.
He said the closure would mean the government had to look at options to “ensure that we are putting people back to work and are able to continue to do what we are doing.”
Daveys decision comes as UK coal exports to China are set to fall, which means fossil fuel firms will have to look for new markets outside of the country, which could see the UKs coal output fall significantly.
“We know that a lot of energy is going into China, and we are seeing a lot more coal being exported to China,” Davey said.
“And we are going to be looking at that.”
So we have been very conscious of that and are looking at a range of options to try and put people back at work and do what is required to get the country back on track and back on its feet.
“The closure of the Fossil Gas Storage (FGSC) site in Wiltshire, which the government said would allow it to “return to the business of selling energy,” comes after the government announced it would be selling off the country s largest fossil energy storage facility.
On Tuesday, a spokesman for the government confirmed the closure and said that the department would be “comprehensive” about its plans to auction off the facility.”
The department has made no decision to close the FGS site and remains committed to the UK coal industry,” the spokesman said.
However, it did not give further details about what would be sold off, saying only that it was “a strategic asset.”
At least 100 people work at the facility, and the government estimates it will be worth around £1.8 billion ($2.2 billion).
The government said that it planned to use the proceeds from the auction to invest in other areas of the economy.
It also announced that it would spend £3.5 million ($6.2 million) in the first quarter of 2019 on a new gas pipeline to supply the UK with gas.
Earlier this month, a spokesperson for the Department for Environment, Food and Rural Affairs said the department had “been working closely” with the British Gas Corporation to assess the viability of the FGC project.
Last week, Davey confirmed that he would be releasing a report into the fossil fuel industry on Wednesday, and would be launching a consultation on fossil fuel subsidies.