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British think tank Policy Exchange recently released a report saying that the clean energy transition in the North Sea will bring up to 20 billion pounds of investment
per year.
Analysis by Policy Exchange said the North Sea is synonymous with Europe's dependence on fossil fuels and that the clean energy transition in the North Sea is "strategic"
for the UK to achieve its legally binding net-zero targets by 2050.
By fully exploiting offshore wind, the North Sea could meet a third of the UK's energy needs, and this proportion would increase
further if "low-carbon hydrogen and carbon capture, utilization and storage (CCUS) are also fully developed".
The shift could generate £20bn a year in coastal investment and could net add 40,000 direct jobs
related to the North Sea energy industry.
"This will contribute to a strategic upgrade of the region on the UK's east coast, but only if the government overcomes a number of obstacles, including resolving space conflicts
in the UK's increasingly congested ocean," the report added.
”
The report noted that there were "huge opportunities" in the North Sea, but warned that uncoordinated development would "pose a risk"
.
Offshore wind is currently driving the region's low-carbon energy revolution, but to achieve net-zero emissions, offshore wind needs to grow alongside investments in low-carbon hydrogen and CCUS, and the same is true
for the North Sea.
However, the UK's seas are increasingly congested and the uncoordinated development of offshore wind farms may deter the risk
of future seabed areas being used for hydrogen and CCUS.
Policy Exchange argues that "there is a negative impact on the seabed and birds" and that the economic development of the North Sea also poses environmental risks
.
Net zero requires investment in new technologies and future low-carbon networks, as well as cross-border cooperation to "optimize the development of the North Sea"
.
As a result, Policy Exchange analysis calls on the government to achieve coordinated growth
through the North Sea Strategy.
Once the government has a unified vision for the region, it should leverage markets and competitive sourcing as much as possible to "reduce the cost of hydrogen and CCUS on the basis of offshore wind"
.
The report added that the country's policymakers must also work with international partners from the EU, Norway and Iceland, particularly on
"cross-border energy projects".
To fully exploit the potential of the North Sea, governments must act, which will accelerate the basin's low-carbon energy boom, protect the marine environment, and create thousands of new jobs and billions of pounds in revenue
.
British think tank Policy Exchange recently released a report saying that the clean energy transition in the North Sea will bring up to 20 billion pounds of investment
per year.
Analysis by Policy Exchange said the North Sea is synonymous with Europe's dependence on fossil fuels and that the clean energy transition in the North Sea is "strategic"
for the UK to achieve its legally binding net-zero targets by 2050.
By fully exploiting offshore wind, the North Sea could meet a third of the UK's energy needs, and this proportion would increase
further if "low-carbon hydrogen and carbon capture, utilization and storage (CCUS) are also fully developed".
The shift could generate £20bn a year in coastal investment and could net add 40,000 direct jobs
related to the North Sea energy industry.
"This will contribute to a strategic upgrade of the region on the UK's east coast, but only if the government overcomes a number of obstacles, including resolving space conflicts
in the UK's increasingly congested ocean," the report added.
”
The report noted that there were "huge opportunities" in the North Sea, but warned that uncoordinated development would "pose a risk"
.
Offshore wind is currently driving the region's low-carbon energy revolution, but to achieve net-zero emissions, offshore wind needs to grow alongside investments in low-carbon hydrogen and CCUS, and the same is true
for the North Sea.
However, the UK's seas are increasingly congested and the uncoordinated development of offshore wind farms may deter the risk
of future seabed areas being used for hydrogen and CCUS.
Policy Exchange argues that "there is a negative impact on the seabed and birds" and that the economic development of the North Sea also poses environmental risks
.
Net zero requires investment in new technologies and future low-carbon networks, as well as cross-border cooperation to "optimize the development of the North Sea"
.
As a result, Policy Exchange analysis calls on the government to achieve coordinated growth
through the North Sea Strategy.
Once the government has a unified vision for the region, it should leverage markets and competitive sourcing as much as possible to "reduce the cost of hydrogen and CCUS on the basis of offshore wind"
.
The report added that the country's policymakers must also work with international partners from the EU, Norway and Iceland, particularly on
"cross-border energy projects".
To fully exploit the potential of the North Sea, governments must act, which will accelerate the basin's low-carbon energy boom, protect the marine environment, and create thousands of new jobs and billions of pounds in revenue
.
