The decisions we make this year will impact our future for decades. Our latest report provides clear facts and evidence to help guide these crucial decisions. It’s important to understand why creating a homegrown energy transition is essential for our future.
Key Insights from Our Report
Our report offers an integrated view of the economic contributions of the UK energy sector and a profile of the offshore energy workforce. Here are the three main areas of focus:
Offshore Investment Opportunities
- Unlocking Investments: We highlight how to tap into offshore investment opportunities.
- Positive Impacts: These investments can benefit people and communities nationwide.
- Economic Contributions: Offshore energy investments can drive economic growth and job creation.
The Potential of the UK Energy Sector
I am inspired by the potential within the UK energy sector. We have the chance to transform how we power our society by leveraging the expertise of our highly skilled workforce to achieve net-zero emissions. Here’s how we can do it:
- Job Protection and Creation: By focusing on a homegrown energy transition, we can protect existing jobs and create new ones.
- Economic Growth: This approach will lead to greater economic contributions and vibrant energy communities.
- Sustainable Energy: We can produce secure, reliable, and sustainable energy.
Adapting Expertise and Welcoming New Entrants
Our report shows how we can adapt current expertise and welcome new talent into the industry. This will drive innovative change and deliver low-carbon energy solutions for the future. Key points include:
- Collaboration: We are committed to working together with employers, trade unions, and industry bodies.
- Opportunities: Ensuring high standards and fair conditions for our workforce.
- Innovation: Encouraging new entrants to the industry to drive progress.
Challenges and the Path Forward
While our people and companies are proud of their contributions, their potential is at risk without the right conditions. Here’s what we need to succeed:
- Stable Economic Environment: A stable economy and fair investment conditions are crucial.
- Supportive Policymakers: Policymakers should support our workforce to realize the sector’s full potential.
- Global Competitiveness: The UK must be viewed as an attractive place for skilled people and investment.
The Importance of the Offshore Energy Sector
Currently, around 154,000 jobs in the UK depend on the offshore energy sector, with nearly 80% reliant on oil and gas. This is a strong foundation to build upon. To grow further, we need to:
- Scale Up Supply Chain Capacity: Effectively manage oil and gas production.
- Advance Low Carbon Technologies: Focus on offshore wind, carbon capture and storage, and hydrogen.
Avoiding Missed Opportunities
If we fail to get this right, the homegrown energy transition could turn into an imported one. Other countries could benefit from opportunities that should be ours. To avoid this:
- Build Consensus: Major political parties agree on the need for economic growth. We must build on this consensus.
- Choose Homegrown: Opt for a homegrown energy transition to protect skills, secure investment, and maximize sustainability.
