North Sea Transition Deal
- May 6, 2021 1:08 pm GMT
North Sea Transition Deal
1. The sector committing to early targets for the reduction of greenhouse gas emissions from production against a 2018 baseline and the government identifying potential funding opportunities for early offshore electrification.
2. The Deal will commit to deliver investment of up to £14-16 billion by 2030 in new energy technologies, with the government delivering a business model to enable CCUS and hydrogen at scale.
3. The sector voluntarily committing to achieve 50% local UK content across the lifecycle for all related new energy transition projects by 2030, as well as in oil and gas decommissioning. This will be supported by the appointment of an industry supply chain champion who will support the coordination of opportunities with other sectors.
4. Achieving a 60Mt reduction in greenhouse gas emissions, including 15Mt through the progressive decarbonisation of UKCS production over the period to 2030. 8F8F 9
5. Supporting up to 40,000 direct and indirect supply chain jobs in decarbonising UKCS production and the CCUS and hydrogen sectors.9F9F 10
6. Government investment of £6.3 million in the Global Underwater Hub, and a further £2 million to develop the Deal, helping to support the sector to play a leading role in meeting the UK’s net zero ambitions.10F10F 11
7. Supporting the government’s prompt payment initiative by championing the Prompt Payment Code.
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