In the United Kingdom, as one nation, our integrated, single energy market is delivering the investment, jobs and power we need.
The same goes for our booming oil and gas industry in the North Sea and our world-leading renewables sector – both are successes in the United Kingdom.
For over 40 years, the North Sea has been producing oil and gas that has helped keep the lights on and our cars running, and hundreds of jobs rely on it today.
We are going to need fossil fuels such as oil and gas for many years to come, as we continue to increase renewables and act on climate change.
And as Ukraine demonstrates, we need home-grown energy as well as imports to be secure.
Therefore, the UK Government is determined to make the most of what is left in the North Sea and we have put in place a package of incentives to ensure businesses invest in it.
The industry invested a record £14billion last year but more can, and will, be done.
That is why the UK and Scottish Governments have both agreed that the best way to maximise our North Sea resources is through the Wood Review, commissioned by the UK Government.
The review’s proposals are expected to increase the potential output by between three to four billion barrels of oil and gas, worth £200billion over the next 20 years.
We are implementing the review’s recommendations quickly, so that Aberdeen, Scotland and the rest of the UK can continue to reap the benefits in the years to come.
The renewables sector is another successful UK energy story and since 2010, businesses have announced more than £34billion of investment in the UK – £14billion of it in Scotland.
That funding has the potential to support around 12,000 Scottish jobs.
The UK Government’s vision for the world’s first ever low-carbon electricity market has given the industry and investors the financial and legal frameworks they need to commit billions of pounds of investment into infrastructure projects with life spans of over 25 years.
And even though Scotland accounts for just 10% of electricity sales, it already benefits from a disproportionate amount of support for renewable energy – 28% of the total UK-wide support for renewable generators (around £560million).