UK to support North Sea oil and gas transition

State and industry to co-invest up to £16bn in developing hydrogen, CCUS and offshore electrification

The UK agreed a landmark deal with industry this week to decarbonise its North Sea oil and gas sector by 2050 that will also see new investment in low-carbon technology and infrastructure. The North Sea Transition Deal plan targets a reduction in emissions of 10pc by 2025, 25pc by 2027 and 50pc by 2030 on a pathway to being net zero by 2050, with £3bn ($4.1bn) invested in the electrification of offshore installations and new standards for the flaring and venting of natural gas. “We will create the right conditions for new green industries to base themselves in the UK,” Kwarteng, BEIS minister The government has also recommitted to establishing a revenue mechanism to bring for

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