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.

What's Hot

Vodafone Faces Major Outage in Delhi and Mumbai, Services Now Restored

DeepSeek Copied OpenAI Code? OpenAI Strikes Back with Bold New Rule

Italy’s Giorgia Meloni Meets Trump, Sparks Optimism on EU Trade Deal

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Clean Energy Future

Ban on New Drilling Confirms North Sea’s ‘Clean Energy Future’

Vodafone Faces Major Outage in Delhi and Mumbai, Services Now Restored

DeepSeek Copied OpenAI Code? OpenAI Strikes Back with Bold New Rule

Italy’s Giorgia Meloni Meets Trump, Sparks Optimism on EU Trade Deal

Intel Shakeup: CEO Tan Restructures Leadership for Bold Comeback

Our Picks

Vodafone Faces Major Outage in Delhi and Mumbai, Services Now Restored

DeepSeek Copied OpenAI Code? OpenAI Strikes Back with Bold New Rule

Italy’s Giorgia Meloni Meets Trump, Sparks Optimism on EU Trade Deal

Most Popular

Vodafone Faces Major Outage in Delhi and Mumbai, Services Now Restored

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Clean Energy Future