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commitments in the North Sea Transition Deal include:
UK government said it is vital that any future licenses are granted to
industry only on the basis that they are compatible with the UK’s climate
change objectives. A dynamic checkpoint enables the assessment of ongoing
domestic need for oil and gas, while expecting action from the sector on
decarbonisation. If the evidence suggests that a future licensing round
would undermine the UK’s climate goals or delivery of Net Zero, it will
not go ahead. The UK government will design and implement the checkpoint
by the end of 2021 through extensive engagement with a wide range of stakeholders.
a further move to support the shift to green technology and renewable energy
in the UK and around the world, the UK government has announced it will
no longer provide support for the fossil fuel energy sector overseas from
31 March 2021. This follows the Prime Minister’s commitment to end taxpayer
support for fossil fuels projects overseas as soon as possible at the Climate
Ambition Summit last December and the decision on the date to end this
comes after consultation with industry. This will include UK Export Finance
support, international aid funding, and trade promotion for new crude oil,
natural gas and thermal coal projects - with very limited exceptions.
government is already committed to a 40 GW offshore wind target, which
is expected to unleash around £20 billion of private investment in renewable
energy by 2030, creating 60,000 new jobs and generating economic growth
in areas such as north east of England, Yorkshire and the Humber, East
Anglia and Scotland. An estimated 60% of spending on UK offshore wind will
also be invested back into the economy by 2030.
aid the transition to a green economy, the package follows the recent budget
in which the Chancellor committed to funding that targets the oil and gas
sector and supports businesses to develop green energy. This includes up
to £27 million for the Aberdeen Energy Transition Zone to transform the
area into a green energy hub, and up to £5 million additional funding for
the Global Underwater Hub based in Aberdeen to open-up opportunities for
the city to become a global hub for underwater engineering, including in
offshore wind and hydrogen.
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Thursday, 25 November 2021
Friday, 26 November 2021
Wednesday, 17 November 2021
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