The Climate Change Committee’s latest Progress Report says the UK is not on track to hit net zero, calling for the 'rapid reduction of oil and gas use' and to 'limit the expansion of fossil fuel production.'
Offshore Energies UK says the UK’s offshore energy industry is on-track to meet its own climate goals and is not slowing down. OEUK is leading calls to create the positive and stable investment environment needed to achieve a homegrown energy transition that everyone wants to see.
David Whitehouse, CEO Offshore Energies UK comments:
'As one of the first sectors to sign up to net zero, we’re accelerating the reduction of emissions from offshore oil and gas production. In 2022 the UK’s oil and gas sector reduced production emissions by 24%, halved flaring and venting, and has cut methane emissions by 45% compared to 2018. This means the sector achieved its interim target – a reduction of 10% by 2025 – three years early.
'Further emission reductions will be achieved with the help of major capital projects, like carbon capture, floating wind and hydrogen. So the report’s recommendation to ramp up carbon capture and storage projects and boost offshore wind capacity by increasing funding for future licensing rounds are steps in the right direction.
'Much more must be done to capture and store at least 20 to 30 mega tonnes of carbon and generate 50 giga watts of offshore wind by 2030. These giant leaps forward need a positive investment environment across the whole energy mix.
'The UK needs a practical plan to reduce both demand for oil and gas and reduce our reliance on imports. On this journey, we should be prioritising our homegrown energy production which supports jobs and communities across the UK.
'By working in partnership with our offshore industry, the new government can create the conditions to unlock investment, support our supply chain companies, underpin jobs, grow the economy, and deliver on our climate goals. The best path to net zero is backing our companies and people here in the UK.”
'We are ready to work with the new government to create the conditions we need to unlock investment and create the skilled, secure, sustainable future we all want to see.'
Source: OEUK
