OFFSHORE ENERGIES UK 2024 INDUSTRY MANIFESTO
UNLEASH OUR POTENTIAL. POWER OUR FUTURE
Choose a homegrown energy transition
OEUK Industry Manifesto
- Contribute to an energy transition which leaves no individual, community, or sector behind.
- Secure over 200,000 high value jobs in the UK whilst growing the skilled and diverse workforce of the future.
- Deliver £200 billion of private investment over the next decade, spurring economic growth and fostering UK technology and innovation across the energy mix and meeting around half of the UK energy needs by 2030.
- Meet the UK’s net-zero commitment by 2050 or sooner, decarbonising offshore energy production to power homes and businesses across the breadth of the country.
To realise this potential, we need all parties to work with us and our people to deliver the following steps:
Choose a homegrown energy transition
Contribute to an energy transition which leaves no individual, community, or sector behind.
Choose a skilled future
Protect over 200,000 high value jobs in the UK whilst growing the skilled and diverse workforce of the future.
Choose a secure future
Deliver £200 billion of private investment over the next decade, spurring economic growth and fostering UK technology and innovation across the energy mix.
Choose a sustainable future
Meet the UK’s net-zero commitment by 2050 or sooner, decarbonising offshore energy production to power homes and businesses across the breadth of the UK.
More about our campaign
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A successful homegrown energy transition can help deliver the economic growth the UK needs, because secure supplies of homegrown energy will help grow our economy.
We believe the UK can become a leading green industrial power. We need skilled people to develop and deliver energy, and we need investment to accelerate progress towards net zero. We must build an industry capable of creating a secure, skilled, and sustainable future.
To unleash our potential and power our future, choose a homegrown energy transition.
Net zero means that the UK’s total greenhouse gas (GHG) emissions would be equal to or less than the emissions the UK removed from the environment. This can be achieved by a combination of emission reduction and emission removal. The UK government net zero strategy intends that by the middle of this century the world has to reduce emissions to as close to zero as possible, with the small amount of remaining emissions absorbed through natural carbon sinks like forests, and new technologies like carbon capture. If we can achieve this, global emissions of greenhouse gases will be ‘net zero’.
By a homegrown energy transition, we mean working towards net zero emissions by relying as much as possible on energy produced domestically in the UK, not closing down our energy generating capacity and relying on imports.
We have arrived at this figure based on OEUK research of company business plan data and modelling of investment aligned with government targets - 50GW offshore wind, 20-30MT CCS, 10GW hydrogen production.
This is a well cited industry statistic quoted across well-known sites and publications. For example UK Boiler Statistics 2023 (uswitch.com), Heat and buildings strategy: the good, bad and ugly of the UK’s plan to replace gas boilers (theconversation.com)
Government data shows that electricity makes up just under 20% of the UK’s final energy consumption, (pg. 10 UK ENERGY IN BRIEF 2023 (publishing.service.gov.uk)) The UK’s electricity consumption has fallen over time, but this trend will need to reverse for the UK to achieve its climate targets. Most of the UK’s energy consumption comes from transport and domestic heating, and these are both significantly dominated by oil and gas.
How is the investment in oil & gas calculated? What are the challenges in calculating the investment in renewables?
OEUK uses a range of data sources to assess investment in the UK’s energy system. This includes data collected from OEUK member companies, published regulatory data and data provided by third parties (such as Rystad Energy)
OEUK analysis of the UK economic and employment contribution of the oil and gas sector is based on a standardised approach using government direct jobs data as its base. Indirect and induced jobs are then modelled by tracking the flow of expenditure on oil and gas production as it passes through the economy. From this OEUK estimates that the oil and gas sector support over 200,000 jobs across all areas of the UK.
- Direct: People who work in companies that provide specialist goods and services with a focus on oil and gas projects. This is based directly on published government data, at the above link.
- Indirect: People who work in the wider supply chain whose roles are supported by oil and gas activity. This is modelled based on industry expenditure and government data.
- Induced employment: People in energy communities across the UK whose jobs are only viable because of the oil and gas industry is active in the local economy. This is modelled based on industry expenditure and government data.
The same approach can be applied to the value of oil and gas production to the UK economy (GVA) as taken for employment.
OEUK is the leading trade body for the UK’s integrating offshore energies industry. Our membership includes over 400 organisations with an interest in offshore oil, gas, carbon capture and storage, hydrogen and wind. From operators to the supply chain and across the lifecycle from production to decommissioning, they are safely providing cleaner fuel, power and products to the UK. Working together with our members, we are a driving force supporting the UK in ensuring security of energy supply while helping to meet its net zero ambitions.
We work on behalf of the sector and our members to inform understanding with facts, evidence and data, engage on a range of key issues and support the broader value of this industry in a changing energy landscape.