£416bn investment by 2050 for UK to stay global leader: As much as £416 billion of investment toward a net zero energy system is needed within the next 30 years in order for the UK to stay a “global energy leader” as the world decarbonises.
That’s according to the forecast from the Oil and Gas Technology Centre (OGTC) and Offshore Renewable Energy Catapult, they say this would help develop as much as 100,000 jobs in the North Sea by 2050.
According to a new report, the organisations predict employment positions in the region’s energy sector are to drastically fall by at least a fifth in the approaching years if this does not happen and recommend if investment is ploughed into expediting the growth of floating offshore wind, green and blue hydrogen and carbon capture and storage (CCS), it could improve the UK economy by up to £125 billion every year which is a 200% increase from today’s figures.
They mention that this would also support about 232,000 direct & indirect jobs by 2050 – 66% additional than presently exist in the North Sea.
The report cautions that if this investment is not delivered, the UK compromises “rapidly becoming a buyer – rather than a supplier – of green energy, green technology and green jobs”, which it points out this would likely leave “huge economic value on the table”.
Energy Minister Kwasi Kwarteng MP stated: “I welcome this report and its ambitious vision to help transition the North Sea offshore oil and gas sector towards a Net Zero future. Protecting highly skilled jobs in the oil and gas industry is important to our net-zero aspirations, as we need the same skills, businesses and infrastructure to underpin net-zero solutions.
“That’s why we have committed to supporting the energy transition with a transformational North Sea Transition Deal and I look forward to working alongside industry to deliver on our world-leading target to achieve net zero greenhouse gas emissions by 2050.”
£416bn investment by 2050 for UK to stay global leader