The UK government has today announced (Wednesday, 24 March) that it will deliver a transformational deal in partnership with the UK oil and gas industry to tackle climate change and deliver key aspects of their ten-point plan.
The deal is the first of its kind by any G7 country, setting an example of how oil and gas producing countries can move fairly towards a lower carbon future in a way which supports the economy, jobs, and energy communities across the UK.
Developed in partnership with the leading representative body for the sector, OGUK, the North Sea Transition Deal outlines over 50 government and industry actions to accelerate moves towards the government’s target of net zero emissions by 2050.
Key commitments in the North Sea Transition Deal include:
- The sector setting early targets to reduce emissions by 10% by 2025 and 25% by 2027 and has committed to cut emissions by 50% by 2030.
- Joint government and oil and gas sector investment of up to £16 billion by 2030 to reduce carbon emissions. This includes up to £3 billion to replace fossil fuel-based power supplies on oil and gas platforms with renewable energy, up to £3 billion on Carbon Capture Usage and Storage, and up to £10 billion for hydrogen production.
- By 2030, the sector will voluntarily commit to ensuring that 50% of its offshore decommissioning and new energy technology projects will be provided by local businesses, helping to anchor jobs to the UK.
- The appointment of an Industry Supply Chain Champion who will support the coordination of local growth and job opportunities with other sectors, such as Carbon Capture Usage and Storage and offshore wind.
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