Clean Energy Future - Business Outrank

In order to transform the region into a clean energy hub, the UK government has revealed plans to prohibit new drilling licenses in the North Sea. Alongside this, ministers will also advice on new tax structures that are supposed to help relieve the financial burden on the offshore oil and gas industry. Last year, the windfall tax, which was introduced in 2022 in response to the energy crisis that was caused by the Russian invasion of Ukraine, will be phased out by 2030. In its place, the government is planning on implementing a new tax regime that will be set relative to global wholesale energy prices to ensure that investors know what they are getting into. This change in policy is part of a wider plan to decarbonise the economy by 2050. The government is also due to launch an eight-week consultation on how to manage the transition of the North Sea from oil and gas to green energy, including hydrogen and renewables, without putting jobs at risk. Labour’s pledge not to allow new drilling licences makes UK the first major G7 nation to adopt such a position. However, it has been suggested that oil firms may still be permitted to develop existing fields with additional licences. Companies like Greenpeace have welcomed the government’s measures, but trade unions and some industry people have shared doubts over job losses and energy security. The government’s bold actions are meant to make the North Sea the centre of the UK’s clean energy revolution, while also considering economic and environmental factors.

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