The UK government initiated a consultation on March 5th, focusing on the North Sea's role in Britain's clean energy future. The consultation aims to support private investment in clean technologies, create jobs, reduce emissions, and enhance energy security. It includes maintaining existing oil and gas fields while expanding clean technologies.
The Energy Profits Levy will end in 2030, with consultations on a new regime to address future oil and gas price shocks. The government is committed to a phased transition for the North Sea, potentially creating tens of thousands of jobs in offshore renewables by 2030.
The consultation also addresses the commitment not to issue new licenses for oil and gas exploration, aligning with climate goals. Investment has been backed for Scotland's clean energy future, including £55.7 million for the Port of Cromarty Firth.