Economic Report 2020
ECONOMIC REPORT 2020
UK Energy Transition Opportunities
Shetland Energy Hub
Acorn Project
Dolphyn
StFergusGas Terminal
Pla Electrifica
PeterheadPort
Aberdeen ETZ
HyNet
Grangemouth
Net-Zero Teesside
Middlesbrough
Hull
Manchester
South Wales Industrial Cluster
Liverpool
Zero Carbon Humber
Key:
CCSProject
Swansea
BlueHydrogen
Offshorewind
Poten alETZ region
CO2 Imports
GreenHydrogen
Source: EY, OGUK
The UK and Scottish Governments have outlined initial plans to stimulate net zero investment opportunities, making the most of our domestic supply chain. In June, the Scottish Government announced £62 million of funding to support companies to diversify and invest and the UK Government has set out its ten-point plan for the energy sector. The key areas of opportunity for the sector within the plan relate to: • Advancing offshore wind: This is an important growth opportunity for the existing offshore supply chain, particularly the anticipated expansion of floating offshore wind generation. Furthermore, oil and gas businesses are already important developers and investors. • Growth of low-carbon hydrogen: The production, transportation and processing of gaseous fuels is
already central to our members’ activities and the hydrogen economy is merely an extension of that capability. • Investing in CCUS: The North Sea is indeed an unrivalled location for this new industry where the UK can provide global leadership and make use of existing assets, expertise and the local skills base to decarbonise industrial activity in more challenging sectors. Meanwhile oil and gas businesses and their subsidiaries are also involved in many of the other elements of the ten-point plan, from electric vehicle charging stations to the development of synthetic low-carbon fuels for aviation and shipping, as well as providing a route to and from new financial markets.
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