Oil and Gas Authority integrates net zero target into core strategy
The Oil and Gas Authority (OGA) is seeking views on its intention to refresh its core aim, including a requirement for industry to help the government achieve the target of net zero greenhouse gas emissions by 2050. The 12 week consultation opened on 6 May and runs until 29 July 2020.
The OGA says that maximising economic recovery of oil and gas need not be in conflict with the transition to net zero and that the industry has the skills, technology and capital to help unlock solutions required to help the UK achieve the net zero target. However, it wants the industry to go faster and farther in reducing its own carbon footprint, or risk losing its social licence to operate.
The changes proposed in the consultation, alongside the concepts assessed in the OGA’s UKCS energy integration project, have the potential to make a significant contribution to achieving net zero; both through Carbon Capture & Storage (CCS) and through CCS plus hydrogen.
Minister for Energy and Clean Growth, Kwasi Kwarteng said:
“This new strategy is welcome because all parts of our energy system – and our economy – need to adapt if we’re to eliminate our contribution to climate change by 2050.
“I share the Oil and Gas Authority’s view that encouraging and supporting the sector to minimise carbon emissions will be increasingly important as we emerge from COVID-19 and focus on supporting a clean recovery of our economy.”
Consultation details are available here.