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UK needs to unlock offshore energy investment to deliver net zero: industry body

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Agence France-Presse

<p>LONDON -- The UK needs to unlock private sector investment worth £100 billion in offshore energy to achieve its goal of net zero carbon emissions by mid-century and safeguard energy security, an industry association said Wednesday.</p><p>Offshore Energies UK (OEUK), a representative body for the sector, estimated that the offshore energy sector could spend around £200 billion this decade in &quot;oil and gas, offshore wind, carbon capture and storage and low carbon hydrogen&quot;.</p><p>&quot;However half of this, £100 billion, is associated with projects still awaiting final investment decision,&quot; the OEUK said in a report.</p><p>The OEUK added that concerted policy support, a stable and globally competitive tax regime and improved planning and regulatory timelines are &quot;critical&quot; to unlock these funds.</p><p>The group argued that Britain is facing an &quot;accelerating global energy investment race&quot;, citing US subsidies for the transition to green energy and &quot;ambitious plans&quot; in Asia and the EU.</p><p>&quot;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,&quot; said David Whitehouse, CEO of Offshore Energies UK.</p><p>&quot;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,&quot; he added.</p><p>Energy security has increasingly become a major issue in the UK, particularly since Russia&#x27;s invasion of Ukraine last year.</p><p>That and political opposition towards decarbonizing the economy has caused uncertainty about the government&#x27;s early commitment to reach net-zero emissions by 2050.</p><p>A report by another industry organization, Energy UK, warned last month that the UK risks lagging behind in the production of &quot;green&quot; electricity, despite having once being considered a leader in the energy transition.</p><p>The study attributed the slow-down to &quot;low levels of expected investment&quot; compared in particular to the United States, which passed the Inflation Reduction Act last year, pledging $370 billion for the energy transition.</p><p>For its part, the European Union has stepped up its own tax reduction measures for investment in zero-carbon technologies.</p><p>On Tuesday, the UK government eased a de facto ban on onshore wind in England after growing pressure from environmental campaigners and some ruling Conservative lawmakers.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/08/29/23/ph-uk-agree-to-boost-defense-maritime-security-ties">PH, UK agree to bolster defense, maritime security ties amid ‘pressing issues of mutual concern’</a></li></ul><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/Cj0waae1lV0?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The UK needs to unlock private sector investment worth £100 billion in offshore energy to achieve its goal of net zero carbon emissions.