The UK is striving to reduce carbon emissions and offset any it has produced to achieve ‘net zero’ by 2050 in order to slow down climate change and minimise global warming.
However, at the same time, it is well-known for its oil industry, with the North Sea providing a great resource of fossil fuel.
It is hard for the government to combine both interests, as the oil and gas sector not only adds £16 billion to the economy every year but supports 200,000 jobs in the UK.
One thing it believes could help achieve its net zero goals while continuing to support those working in the sector is introducing licensing.
This will improve the country’s energy security and reduce its dependence on oil and gas imports.
The North Sea Transition Authority (NSTA) will soon invite applications for the licence, which is intended to boost domestic gas production.
While fossil fuels are still being used, this should lower carbon fuels by limiting imports of higher-carbon emitting liquified natural gas.
Prime Minister Rishi Sunak said this will help the UK to “transition to net zero without adding undue burdens on households and securing the country’s long-term interest”.
He added domestic energy will help diversify Britain’s energy sources, as the industry will become more secure by not relying on imports. Therefore, over years, progression towards renewable sources can be made.
The government also believes increasing domestic production will boost energy investment by making the energy sector more secure, increasing jobs and boosting the economy.
To achieve its net zero target by 2050, it has also committed to supply 40GW of offshore wind and 1GW of floating offshore wind by 2030. It also wants the UK to be powered entirely by clean electricity before 2035.