As we approach the first days of 2025, let’s leap forward a generation and imagine we are already in 2050.
By then we expect the UK to stand as a leader in energy innovation, having reached net-zero carbon emissions and built a resilient economy.
It is undoubtedly the case that the UK’s offshore energy industry will thrive, and I expect Offshore Energies UK (OEUK) to be similarly successful.
Taking the right steps, in 2050 I look forward to seeing OEUK championing an energy sector powered by homegrown talent and technologies with secure supplies of energy underpinned by a diversified mix of renewable and low-carbon energy sources.
By 2050 the UK will have achieved global recognition as a key exporter of energy solutions, from wind power to hydrogen to geothermal energy delivered by companies anchored in modern industrial heartlands, and all built on the North Sea heritage.
The UK will be a key part of a European carbon storage network supporting our manufacturing sector. The nation will have not only met its climate goals but will have leveraged the energy transition to create new jobs, bolster economic growth, and secure its future.
This vision might seem far off to some, but achieving it is well within our grasp. It will only happen, however, if we adopt a pragmatic approach to policymaking and build on the UK’s existing strengths.
The next six months will be pivotal. Decisions made today will shape the success or failure of our energy transition and ultimately the UK’s future industrial economy.
The UK Government’s fiscal review, licensing consultation and environmental impact assessment review, alongside the Scottish government’s energy strategy will all play critical roles in setting the course.
Today, the UK imports more than 40% of its energy needs, making us vulnerable to global supply shocks and price fluctuations.
A strong domestic energy sector, with a diversified mix of renewable energy and low-carbon fossil fuels, will reduce our reliance on external sources and protect against international market volatility.
The election of President Trump, the outcomes of recent European elections and the disarray of the recent COP29 meeting, are events that all offer important lessons for the UK which we should heed as we look to the future of energy.
They demonstrate the need for governments to keep people with them. A successful homegrown energy transition must therefore deliver tangible benefits to people and communities across the UK – jobs, financial security and economic growth.
The UK now has an opportunity to step forward as an energy transition leader. This will only happen if we approach the transition in a pragmatic way which attracts investment to develop the cutting-edge technology needed, as we are seeing in Norway.
The world is changing, and so must we. We owe it to those who came before us—and to the next generation—to ensure that the UK remains at the forefront of energy innovation, that no community is left behind, and that every person in this industry has a stake in the UK’s energy future.
Energy producers and their supply chains remain anxious. Uncertainty at home and abroad, whether regulatory or political, all deter investors who want certainty on returns.
While we welcome GB Energy as a signal the UK Government will back UK projects, there must be a pragmatic realisation that much more is needed to create the certainty investors crave.
Regulatory reform, clear and sensible fiscal frameworks, and a comprehensive industrial strategy are tangible policy outcomes which will make a difference.
Markets also move on sentiment. To unlock the full potential of this UK industry, we need a continued dialogue with government, one that gives investors confidence that the switch won’t be flicked from one day to the next on support for the sector.
By harnessing local energy from offshore wind to solar power, to the oil and gas we will need during this journey, and by nurturing the supporting industries that will drive the change, we can ensure that energy security and economic growth are powered wherever possible by Britain’s own resources.
Let us all do all we can to ensure 2025 will bring us these benefits and set us on the right course for 2050.
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