Sir Ian Wood has warned that much remains to be done to diversify the northeast of Scotland’s economy and reduce its reliance on oil and gas. The former Wood Group boss was speaking as the Opportunity North East (One) economic development agency celebrated its third birthday. One is backed by more than £60 million from the Wood Foundation and is focusing on building up the life sciences, tourism, food and drink and digital sectors while also trying to retain as much as possible of the oil and gas supply chain. It has engaged about 90 business and civic leaders to sit on sector boards to ensure the needs of each industry are being adequately represented. Sir Ian pointed to developments such as the Oil and Gas Technology Centre, the establishment of Codebase, a technology incubator in Aberdeen, and plans for a new li fe sciences hub as among the tangible achievements so far. According to One it has engaged with more than 500 companies and the £13.8 million of project funding it has approved helped to bring in an additional £30.8 million.
Times 3rd Dec 2018 read more »
Royal Dutch Shell will set carbon emissions targets next year and link these to executive pay, reversing its chief executive’s opposition and following intense pressure from shareholders who want fossil fuel companies to take greater responsibility for their contribution to global warming. Investors such as the Church of England and Nordea Group have pushed Shell to make firm commitments to cut its carbon footprint, saying last year’s announcement of a long-term “ambition” to halve carbon emissions by 2050 did not go far enough. By setting targets “we will be systematically driving down our carbon footprint over time”, chief executive Ben van Beurden told the Financial Times on Sunday. “We all know the benefits of energy but the re are associated effects that we have to manage.” Shell also said it will link energy transition targets to the long-term incentive plans of senior executives, subject to a shareholder vote in 2020. Shell said it was still in talks with investors about the percentage to be targeted but the remuneration of 1,200 top employees could be affected.
FT 3rd Dec 2018 read more »
Energy Voice 3rd Dec 2018 read more »