Reimagining a Net Zero North Sea
‘Reimagining a Net Zero North Sea: an integrated energy vision for 2050’ highlights the opportunity for the oil and gas and renewable energy sectors to work together to transform the UK’s energy system and help deliver the country’s commitment to the Paris Agreement.
Early investment is essential – up to £416bn over the next 30 years – to unlock potential value of £125bn per year for the UK economy and support up to 232,000 jobs. Investment at pace, together with commitment to a net zero North Sea, will accelerate new job opportunities which could mitigate major job losses otherwise expected over the next decade.
Focused investment in technology innovation could also deliver savings of £154bn by 2050, reducing costs for consumers and delivering affordable clean energy for UK homes and businesses. Being a leader in clean energy skills and technology presents a valuable export opportunity that the UK must seize.
The report outlines three scenarios which have been modelled on the Committee on Climate Change’s Further Ambition scenario. Each sees the UK achieve its net zero goal by 2050, using a combination of energy solutions to meet demand, but delivering greatly differing levels of economic benefits and green jobs.
- Emerging scenario: Renewable energy plays an increasing role, with gas still a significant contributor to the offshore energy mix and a significant requirement for carbon capture and storage (CCS).
- Progressive scenario: An increased share of offshore renewables dominates the electricity market alongside a blue/green hydrogen mix, with a major role for CCS.
- Transformational scenario: Outlines an energy system which is driven by offshore wind and green hydrogen, with oil and gas demand matched by clean domestic supply.
This report has been prepared by OGTC and Periscope partner ORE Catapult.
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