Offshore Energies UK has this month launched its manifesto for the general election with a list of essential proposals for the incoming government as we ramp up the homegrown energy transition and the drive for net zero.
The manifesto which has already created positive ripples among policy makers, industry, domestic media and beyond, offers a blueprint to speed up progress towards the transition by triggering £200 billion of new investment in the sector, half of it in oil, gas and decommissioning expenditure and the other half in wind, hydrogen and carbon capture and storage.
The proposals show how a cohesive investment push can radically reduce greenhouse gas emissions, protect jobs and training opportunities and promote energy security by focusing on domestic production rather than increasing our oil and gas imports.
OEUK represents more than 400 companies in the energy supply chain in an industry that supports at least 200,000 jobs and an economic contribution of around £20 billion a year to the nation’s coffers.
The manifesto shows how these organisations have the potential to contribute to an energy transition which benefits every sector of the economy, entire communities and of course the individuals working to maintain our homegrown energy supplies.
It sets out a strategy which will give long-term security to the existing jobs at the same time as growing the skilled workforce of the future.
The £200 billion of private investment in the pipeline for the next decade, will spur economic growth and technological innovation for new methods of energy generation while providing the impetus to meet around half of the UK energy needs by 2030.
It will also meet the UK’s net-zero commitment by 2050 or sooner, decarbonising offshore energy production to power homes and businesses across the breadth of the country.
OEUK members recognise that the UK must not export the problem of greenhouse gas emissions for other countries to deal with.
Policymakers must now galvanise a homegrown response where oil, gas, wind and hydrogen production are linked by a carbon capture network and a seamless supply chain to distribute clean or carbon-neutral electricity around the country.
This transition must be supported by a committed government strategy, a skills passport recognising the transferable expertise of oil and gas workers moving to new jobs in the renewable sector, and a set of clear guidelines for community benefits to be offered to areas affected by new or upgraded power lines.
The energy industry also needs a tax regime which excludes one-off targeted taxes for one-off events, provides long-term predictability for investment, and is internationally competitive to attract and retain businesses in the UK, the manifesto says.
In addition, it calls for an independent statutory body with the powers and resource to oversee the delivery of UK energy objectives and binding net zero commitments and highlights the need for a centralised framework and infrastructure which devolves powers and resources to local government and metro mayors to meet local and regional conditions.
Other key proposals include a single skills co-ordinating body, in each of the four home nations to enable more efficient collaboration between employers, education providers and sectors on strategic skills requirements
David Whitehouse OEUK chief executive said: This manifesto is the culmination of many months of collaboration with our members, stakeholders and consultation with the wider public.
We are all completely committed to the transition to green energy but we need new investment to achieve it and we also need people to recognise that this transition cannot be achieved by shutting down the oil and gas industry and importing the fossil fuels we still need.
We need to invest in people and skills to ensure a continuing supply of trained workers to take the industry forward.
It is recognised by all the political parties that we will continue to need oil and gas for an indefinite period after we reach net zero.
Undermining the North Sea energy industry and relying on more imported oil and gas is just passing on our carbon problem for other people to clear up.
We must not waste the opportunities that a homegrown energy transition offers to benefit our companies, our people and the whole economy.
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