If the Government are serious about delivering energy security while reaching net zero, they should be accelarating the cheapest form of delivery

The REA (Association for Renewable Energy and Clean Technology) have responded to today’s announcement of expansion of oil and gas drilling in the North Sea. Prime Minister Rishi Sunak has confirmed that “hundreds” of new oil and gas licences will be granted in the UK, stating that this would help the UK achieve net zero carbon emissions and that the plan will strengthen the UK’s energy independence and reduce reliance on hostile states such as Russia.

However, the REA highlights that issuing new oil and gas licenses, while the UK carbon price is also decreasing, is not compatible with the UK’s climate goals. Furthermore, to achieve real energy security, government should be investing in a just transition to a low-carbon economy and the UK’s own abundant range of renewables and clean technologies, thus reducing our reliance on volatile fossil fuels.

As the US and EU push forward in attracting low carbon investment, the UK has been sending confusing signals on its climate priorities to the global community and risks falling behind.

Dr Nina Skorupska CBE, Chief Executive of the REA (Association for Renewable Energy and Clean Technology) said: “If the Government are serious about delivering energy security while reaching net zero in a pragmatic way, they should be accelerating the cheapest forms of energy. This means low carbon projects that are unaffected by changes in the volatile fossil energy markets, the cause of both increased energy costs and security concerns.

“Instead, today, government are supporting new fossil fuel exploration while support mechanisms such as the US Inflation Reduction Act and the UK Government’s Electricity Generator Levy, a windfall tax on renewables, is seeing the UK attractiveness for low carbon investment diminish.

“Real energy security will be delivered by reinforcing our grid systems and sorting out planning delays so that low carbon generation can be built quickly.

“The development of CCUS should also be targeted at bioenergy applications, not capturing carbon that should stay in the ground. Bioenergy with carbon capture and storage delivers critical negative emissions recognised as essential for getting to net zero.”