Choose a homegrown energy transition: Let's unlock our potential, and power our future.

The decarbonisation of our economy is one of the greatest challenges of our time, and also our greatest opportunity to deliver the sustainable economy the country needs. Prioritising an energy transition which is homegrown will drive growth, support jobs, and deliver reliable supplies of cleaner energy in the UK.?

There is no doubt it has been a turbulent time for our sector. The introduction of windfall taxes has had a significant impact on the confidence of companies investing in the UK. As we head into 2024, a general election creates additional uncertainty.

Throughout last year, I have had the opportunity to engage with policy makers across the political spectrum. I believe that the industry has had success in reframing the debate on the important role of oil and gas in the energy transition.??

There are those who strongly protest that anyone with an oil and gas heritage has no place in the conversation. But increasingly, I hear pragmatic voices who understand that the way we successfully tackle energy affordability, create high value jobs, while delivering on our climate goals is by pulling people together, not by excluding companies and skilled people. Our members share the same ambition and vision of all political parties on delivering net zero and a homegrown transition.?

The answer to our national challenges is right here with our homegrown offshore energy industry. Today we support around 200,000 jobs and last year generated almost ￡30bn for the UK economy.? But we have delivered so much more.

Our standard of living in the UK is, in part what it is because of our sector.? We continue to be a development ground for thousands of highly skilled jobs. North Sea standards and experience is seen as a mark of quality across the world. We have built companies to be proud of.

Through the North Sea Transition Deal, we were the first sector to commit to the UK’s net zero ambition. I am proud that we are not just talking about making a difference, we are doing it. Through our collaborative and innovative approaches, we can set the gold standard for a successful energy transition.?

Today, the UK boasts the world’s second-largest offshore wind capacity behind China. We could store over 70 billion tonnes of carbon dioxide in our reservoirs, which is more CO2 than the UK has produced since the industrial revolution.?

Looking ahead to 2024, I am optimistic. Every political party is looking to unlock growth in the economy. Working together, with an attractive investment environment and a strong industrial economy, the UK’s offshore energy companies could invest ￡200 billion in homegrown energy production this decade alone. This investment will help the UK to reach its target capacity of 50 gigawatts of wind and 10 gigawatts of hydrogen and capture and store 20-30 MtCO2 by 2030, while continuing to provide the oil and gas we need.??

Parliaments may thrive on opposition and argument, particularly in an election year, but big engineering projects only succeed through collaboration. The transition to net zero will be the biggest engineering project this country has ever seen. It will fail if we undermine the industries, workforce and communities whose skills will be vital for building our energy future.?

As a sector we have an important voice, and we need to use it. Meeting more of our needs from homegrown energy produced in the UK, means jobs, economic growth, secure and affordable energy. Our sector has a history to be proud of, but we are also building a future to be proud of too.?

Ahead of a general election in 2024, our message is simple: Choose a homegrown energy transition.?