Net zero flurry confirmed the oil and gas sector’s core role in achieving net zero

Net zero flurry confirmed the oil and gas sector’s core role in achieving net zero

Last month saw the UK Government unveil its Net Zero Strategy, the Treasury publish its Net Zero Review and the Department for Business Energy & Industrial Strategy give its go-ahead for the UK’s first two carbon capture projects.

These three seminal moments move the country forward on its journey to the low-carbon future that we are all working towards. It confirmed the key role the UK oil and gas sector must play if both the UK and Scotland are to achieve their targets of net zero emissions by 2050 and 2045 respectively.

Carbon capture and storage (CCS) is highlighted as a key technology in the Government’s Net Zero Strategy. Our recently published Energy Transition Outlook found the UK has capacity to store for 78 billion tonnes of CO2 emissions. So while the CCS announcements should of course be welcomed, they must only be seen as the first if we are to achieve truly transformational change.