UK needs to unlock offshore energy investment to deliver net zero: industry body

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The OEUK added that concerted policy support, a stable and globally competitive tax regime and improved planning and regulatory timelines are “critical” to unlock these funds.

London: The UK needs to unlock private sector investment worth £100 billion in offshore energy to achieve its goal of net zero carbon emissions by mid-century and safeguard energy security, an industry association said Wednesday.

Offshore Energies UK (OEUK), a representative body for the sector, estimated that the offshore energy sector could spend around £200 billion this decade in “oil and gas, offshore wind, carbon capture and storage and low carbon hydrogen”.

“However half of this, £100 billion, is associated with projects still awaiting final investment decision,” the OEUK said in a report.

The OEUK added that concerted policy support, a stable and globally competitive tax regime and improved planning and regulatory timelines are “critical” to unlock these funds.

The group argued that Britain is facing an “accelerating global energy investment race”, citing US subsidies for the transition to green energy and “ambitious plans” in Asia and the EU.

“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,” said David Whitehouse, CEO of Offshore Energies UK.

Source: ET World