Unlocking Investments in Offshore Energies for Economic Growth in the UK
Key Ideas
  • OEUK emphasizes the importance of unlocking investments in offshore energies to create high-quality jobs and economic benefits for UK communities, crucial for achieving the nation's net-zero greenhouse gas emissions target by 2050.
  • The offshore industry in the UK could potentially invest £450bn in energy by 2040, leading to an increase of almost 50% in job opportunities across the sector by 2030.
  • The industry body highlights the need for a supportive policy to scale up supply chain capacity, sustain skilled jobs, ensure energy security, and meet climate goals, emphasizing the role of offshore energies in the UK's economic future.
  • Various energy projects, including offshore wind farms, hydrogen, and carbon capture and storage technology, have the potential to bring substantial economic growth to the UK, with estimates reaching £450bn by 2040.
The Offshore Energies UK (OEUK) has underscored the significance of attracting investments in offshore energies to pave the way for job creation and economic prosperity in the UK, particularly in the transition towards achieving the nation's net-zero greenhouse gas emissions goal by 2050. OEUK's report stresses that individuals currently employed in sectors like offshore oil and gas, wind, hydrogen energy production, and carbon capture projects possess transferable skills crucial for meeting the UK's environmental targets. The industry body projects a substantial growth potential, estimating that the offshore industry could inject £450 billion into UK energy by the year 2040, with job opportunities expected to surge by nearly 50% within the sector by 2030. OEUK's CEO, David Whitehouse, advocates for a homegrown energy transition strategy that prioritizes people, leverages industrial strengths, and fosters collaboration across sectors. Furthermore, OEUK's manifesto outlines key recommendations for the government to safeguard jobs, enhance energy security, and facilitate the delivery of cleaner and more affordable energy solutions. The report highlights the pivotal role of investment in offshore energy projects to stimulate economic value, strengthen the supply chain, sustain skilled employment, ensure energy security, and align with climate objectives. The group also emphasizes the importance of a stable energy policy and competitive tax regime to capitalize on the immense growth potential of the domestic offshore energy market, projected at £450 billion by 2040. Various energy initiatives, including offshore wind farms, hydrogen projects, and carbon capture and storage technologies, are poised to contribute significantly to the UK's economic landscape, with estimates indicating substantial financial gains from these ventures.
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