Why won’t UK oil and gas firms pivot to wind?
Tom KirkmanIndependent Project Manager
Gee, I wonder why oil and gas companies don’t want to stop their oil and gas projects and investments in the UK, and be forced by the government to invest instead in wind and solar projects in the UK.
< scratches head wonderingly >
Huge mystery … 🤔
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“Oil and gas companies are failing to invest in renewable energy in the North Sea, a new report suggests, with a warning of “serious implications” for workers and communities reliant on the industry.
The UK is looking to reach net zero carbon by 2050, and under the North Sea Transition Deal has committed to working with the sector “to deliver the skills, innovation and new infrastructure required to decarbonise North Sea production”.
However, analysis by the climate group Uplift found that 74% of North Sea oil and gas companies plan to invest solely in fossil fuels between now and 2030, with 12 of 87 companies active in the basin not planning to invest anything at all.
Their analysis was conducted using Rystad Energy estimates, supplied between April and June 2024, for capital expenditure across offshore oil and gas, renewables, hydrogen, and CCUS between 1990 and 2030.
Just two oil and gas companies operating in the North Sea plan to transition to majority (more than 50%) renewable investment by 2030, and according to the research since 2015, just six offshore oil and gas companies have invested anything in UK renewable energy projects. …”