Economic Report 2021 - OGUK
ECONOMIC REPORT 2021
The rate of change to fully decarbonise the UK economy is only accelerating as we continue to unlock low carbon technologies and scale projects. At the core of the transition is managing both energy supply and demand fundamentals through robust supply and consumer step changes. Net zero and continued oil and gas production are intrinsically linked and will be the backbone of the future energy ecosystem. As we look ahead towards COP26, it is important that we continue to see the pace of policy decision and support of investment needed to ensure a successful transition. The NSTD provides for a transitioning future for the UKCS, consistent with the net zero objectives of the government and wider society. This includes both the diversification into important new activities offshore, such as renewables and carbon capture and storage, and the ongoing production of oil and gas with consistently lower Scope 1 emissions. Industry continues to work with government and the OGA to realise and implement the commitments of the deal, including submissions to funding events.
Learn more about the North Sea Transition Deal and the work of OGUK
OGUK will publish its Energy Transition Outlook in Q3 2021
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