A comprehensive report into the changing energy landscape has called for urgent action to progress low carbon technologies critical to the UK and Scottish Government’s net zero ambitions.
The document considers the changing energy landscape in the UK and outlines progress achieved by the UK’s oil and gas sector over the past year to provide industry and economy-wide solutions towards reducing emissions.
It says government and industry must work together to progress to the next stage five key projects across the UK which look to capture, transport and store carbon dioxide from heavy emitting industrial processes including power plants. It also calls for joint action to increase the potential for low carbon hydrogen to be used as a fuel to heat homes and power cars.
The policy recommendations are published today by the leading representative body for the oil and gas sector, OGUK, in its second Energy Transition Outlook Report.
The UK’s oil and gas industry is in a unique position to lead in the development of Carbon Capture Usage and Storage (CCUS), with five projects situated across the country currently being explored
UK energy sector investment will need to double in order to achieve a decarbonized economy
Commenting on the report, OGUK chief executive Deirdre Michie said “Our Energy Transition Outlook report shows the changing energy landscape in the UK and the opportunities and challenges it presents all industries, businesses and people, our own included.
As the report shows, there is lots of work to be done in a huge market which is only getting bigger as global demand for energy continues to grow. The Climate Change Committee report published at the beginning of this year noted CCUS was critical to net zero ambitions. The challenge, working with others including the OGTC’s Net Zero Solutions Centre, is to realize CCUS and other low carbon technologies as an opportunity for UK businesses.
(Source: World Oil)