UK ‘must become irresistible place to do energy business’
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rivate sector funding value as much as £100 billion is required to ship key tasks to safeguard UK power safety, in response to the offshore energies trade.
Offshore Energies UK’s 2023 Economic Report mentioned the sum can be wanted to put in all of the renewable infrastructure required to get the UK to internet zero by 2050.
The report units out the actions the commerce affiliation argues policymakers should soak up partnership with enterprise to attain this degree of funding and sort out the power challenges going through the nation and its households.
It says complete offshore power spend may attain £200 billion this decade in oil and fuel, offshore wind, carbon seize and storage and low carbon hydrogen.
The UK mustn’t simply turn into a very good place to do power enterprise, it should turn into irresistible
But it provides that about half of this quantity – £100 billion – is ready on remaining funding choices from companies that want renewed certainty to log off.
OEUK argues concerted coverage help, a secure and globally aggressive tax regime and improved planning and regulatory timelines are “critical” to unlocking these funds.
The physique is asking for pragmatic coverage throughout all political events forward of the subsequent normal election to safeguard power safety and the homegrown jobs and provide chains wanted to construct a low carbon future within the UK.
David Whitehouse, chief government of Offshore Energies UK, mentioned: “Parliaments may thrive on opposition and argument, but we know big engineering projects only succeed through collaboration.
“The transition to net zero will be the biggest engineering project this country has ever seen. We need consensus to support the very industries and workers whose skills are vital for building our energy future.
“In recent months we have felt the direct impact of underinvestment in homegrown energy on job security for our workers, the competitiveness of our firms internationally and our future energy bills.
“Our report shows that with the right frameworks in place, this industry can make the long-term investments to help the UK tackle these challenges head-on.
“The UK mustn’t just become a good place to do energy business, it must become irresistible.
As Scotland transitions to a net zero economy, we must simultaneously focus on meeting our energy security needs, reducing emissions and – critically – ensuring a just transition for our oil and gas workforce as North Sea resources decline
“Our Economic Report shows that as the global race for energy investment accelerates, the UK must compete by making the most of its diverse homegrown industry, from oil and gas to offshore wind, hydrogen and carbon capture.
“Globally, this is the lesson other countries have learnt. We must not get left behind.”
Scottish Government minister for power Gillian Martin MSP mentioned: “OEUK’s Economic Report 2023 underlines the vital importance of our energy sector.
“As Scotland transitions to a net zero economy, we must simultaneously focus on meeting our energy security needs, reducing emissions and – critically – ensuring a just transition for our oil and gas workforce as North Sea resources decline.
“The Scottish Government is wholly focused on unleashing the economic and energy potential of Scotland’s renewables sector while investing £500 million in a Just Transition Fund for Aberdeen and the North East to ensure that we fully capitalise on the enormous benefits our energy transition offers.”