The government says the deal will support 40,000 new jobs
UK to support North Sea oil and gas transition
State and industry to co-invest up to £16bn in developing hydrogen, CCUS and offshore electrification
The UK agreed a landmark deal with industry this week to decarbonise its North Sea oil and gas sector by 2050 that will also see new investment in low-carbon technology and infrastructure. The North Sea Transition Deal plan targets a reduction in emissions of 10pc by 2025, 25pc by 2027 and 50pc by 2030 on a pathway to being net zero by 2050, with £3bn ($4.1bn) invested in the electrification of offshore installations and new standards for the flaring and venting of natural gas. “We will create the right conditions for new green industries to base themselves in the UK,” Kwarteng, BEIS minister The government has also recommitted to establishing a revenue mechanism to bring forward pr
Also in this section
13 December 2024
Prices in world’s largest compliance market have risen this year but remain below those seen in the EU
11 December 2024
Policymakers need to step up with a long-term, global strategy if the energy transition is ever to be a success
11 December 2024
CCUS and other carbon management technologies are gaining traction around the world, but heightened policy risk and other pressures will make 2025 a challenging year in some regions
10 December 2024
Tightened standards have helped improve the outlook for the voluntary carbon market, which is set for a record year and poised for long-term growth
