The UK North Sea could deliver £20bn a year in gross value added by 2050 from offshore wind and hydrogen leading to a net increase of 40,000 jobs, according to a new report by the Policy Exchange think-tank. The report – ‘Future of the North Sea’ – said the increase in jobs would come, even after long-term decline in the North Sea oil and gas industry is included. It identifies six priorities for developing the North Sea. They include coordination and marine planning to avoid over-crowding and inefficient uses of the seabed, more consistent and clearer environmental regulations, and new support and funding for low-carbon technologies, including hydrogen, floating wind and carbon capture and storage. Other priorities identified are investment in low-carbon networks to support earlier investment in cables and pipelines, cross-border collaboration to help the UK work with other countries on joint projects such as interconnector cables after Brexit, and capturing economic benefits so that coastal communities gain from green energy projects.
Renews 3rd Nov 2020 read more »