Offshore Industry: Investment
The question
To ask the Secretary of State for Energy Security and Net Zero, whether he has made an assessment of the potential impact of UK's offshore energy regulatory framework on levels of investment.
Answered by Michael Shanks
The clean energy transition creates an opportunity for our expert offshore industry and workers to play a central role in the next generation of energy supply. Our commitments to deliver clean power by 2030 and to accelerate to net zero will guarantee our country’s energy security and create jobs, with gas continuing to play an important role in ensuring security of supply during the clean power transition.
Together, the Clean Power 2030 Action Plan, Clean Energy Industries Sector Plan, and the upcoming response to 'Building the North Sea's Energy Future' consultation provide a clear mission to drive investment certainty. These plans ensure the UK becomes a global leader in clean energy innovation, supply chains, manufacturing and deployment.
We have directly responded to the investment and regulatory barriers prohibiting growth for the sector. Measures include £5.8bn National Wealth Fund for high-cost infrastructure and ports investment; Clean Industry Bonus expansion; £1bn GBE Supply Chain Fund, planning and consenting reform; and targeted R&D funding.
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