- Innovation Zero speech comes as two major UK carbon storage projects permitted in five months
- North Sea puts UK in poll position to grow economy on way to net zero
- Energy sector must boost its appeal as competition for talent hots up
The go-ahead for a major carbon storage project shows the UK is turning its climate change ambitions into reality, NSTA Chief Executive Stuart Payne told hundreds of energy conference attendees today.
Speaking at Innovation Zero in London, Mr Payne said last week’s award of carbon storage permits for HyNet was the latest example of 'real action' on net zero from the North Sea Transition Authority (NSTA).
Carbon storage opportunities will provide a bridge to help oil and gas workers transfer their skills to clean-energy jobs, supporting communities and anchoring the supply chain in the UK.
HyNet will store more than 100 million tonnes of CO2 in three reservoirs, 20 miles off the coast of Liverpool, over 25 years – the equivalent of taking 60 million cars off the road for a year.
Construction of the CO2 transportation and storage system will unlock £2 billion worth of supply chain contracts and create 2,000 jobs.
The three permit awards for HyNet followed hot on the heels of the one awarded to the Northern Endurance Partnership in December 2024.
On the permits, Mr Payne said: 'As a nation, we’ve talked about carbon storage for many years. But we had never reached this milestone before. These two projects will turbocharge the UK’s drive to unlock investment, jobs and economic growth and reach net zero emissions by 2050.'
As the recent progress on carbon storage shows, the North Sea has astounding potential for decarbonising the economy while continuing to support energy security, putting the UK in poll position in the global race to secure investment.
The NSTA is working with government and other regulators to accommodate and co-locate the full range of energy systems in UK waters. The regulator’s chief executive said that there was still a role for oil and gas, but that production needed to become cleaner.
He said: 'The North Sea’s history has been in oil and gas, helping power, heat and move the UK. Even today fossil fuels still make up three-quarters of our energy demand.
'Demand for those molecules must and will shrink, but, as the government has made clear, they will be part of the picture for decades to come.
'The government is currently consulting on its vision for the future of the North Sea.
'The consultation covers many things including licensing, skills and the workforce. But at its core is a recognition of the importance of managing the transition from oil and gas.
'If we get it right, the North Sea can have a prosperous future which creates and safeguards employment and generates multibillion pound investments in all offshore energy projects.
'If we get it wrong, we risk losing the vital support of the public and from investors and risk missing out on opportunities for growth, jobs and energy security.'
Mr Payne also challenged the UK’s energy sector to do more to make itself attractive amid stiff competition for diverse talent from other countries and industries.
He added: “This should not be a tall order. We have arrived at the most exciting moment there’s ever going to be for the UK’s energy industry. As we’re seeing with carbon storage, tremendous opportunities are already opening up – ambitions are becoming reality.”
Background
Read the full speech here: NSTA chief executive's speech at Innovation Zero: Turning ambition into reality in the North Sea
Source: NSTA
