The offshore energy industry has called for private sector investments, amounting to £100 billion, to safeguard the UK’s energy security and expedite the deployment of essential renewable infrastructure required to achieve net zero by 2050.
According to the 2023 Economic Report from Offshore Energies UK (OEUK), this substantial investment is not only crucial for the nation’s energy future but also imperative for realising its ambitious net zero carbon goals.
The report outlines a set of recommendations, urging policymakers to collaborate with the business sector to facilitate this level of investment.
The report underscores that the total expenditure in offshore energy could reach an impressive £200 billion within this decade, encompassing sectors such as oil and gas, offshore wind, carbon capture and storage and low carbon hydrogen.
However, a significant portion of this sum, approximately £100 billion, remains contingent upon final investment decisions from businesses, necessitating renewed assurance to proceed.
David Whitehouse, the Chief Executive of Offshore Energies UK, emphasised the importance of collaboration in achieving the transition to net zero.
Mr Whitehouse said: The transition to net zero will be the biggest engineering project this country has ever seen. We need consensus to support the very industries and workers whose skills are vital for building our energy future.
“In recent months we have felt the direct impact of underinvestment in homegrown energy on job security for our workers, the competitiveness of our firms internationally and our future energy bills.
“Our report shows that with the right frameworks in place, this industry can make the long-term investments to help the UK tackle these challenges head-on.
“The UK mustn’t just become a good place to do energy business, it must become irresistible.”