Wireline Issue 52 Winter 2021

A t the start of 2021 OGUK committed to show-casing the positive contribution the oil and gas industry can make to the energy transition, in support of the UK government’s presidency of COP26 and maximising the opportunity to present this work to UK and Scottish Governments and parliamentary stakeholders; and international partners in this year of debate on energy and climate change. At the centre of our work this year has been the North Sea Transition Deal, the first by any G7 nation, that will accelerate the energy transition, reduce UK emissions and create new jobs across the UK. It will fundamentally commit industry to unlocking as much as £16bn in investment to bring the transition to life at pace and at scale. A key delivery from the NSTD this year was the Methane Action Plan. On the day that international targets to reduce methane were agreed at COP26, OGUK circulated our own methane action plan to media and stakeholders. The UK industry target is to halve its methane emissions by 2030 – surpassing the international target of 30%. You can read more about the plan and this year’s Economic, Environment and Energy Transition Outlook reports here. In addition to our planned activities, the OGUK

Key points from the agreement:

• Annual review of Nationally Determined Contributions (NDCs) – potentially bringing a more regular review of climate policy as existing annual COP meetings take on significance on the scale of the G7 and G20 summits. • A last-minute change to a fossil fuel reference: From “phase-out of unabated coal power and of inefficient subsidies for fossil fuels” to “phase down” the use of coal. • Commitment to £500bn in climate finance over the next five years. • Commitment to delivering Paris agreement, embodied in the phrase “Keep 1.5 (°C) alive.” • To develop a mechanism for international carbon trading to enable countries to meet NDCs.

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