Responding to today’s Spring Statement, Nick Cooper, CEO of Storegga, the UK’s leading independent decarbonisation developer, said:“The UK energy industry will be largely disappointed by today’s announcement: there was no rabbit out of the hat for carbon capture and storage and hydrogen as hoped. We have an opportunity to decarbonise the British energy industry, whilst also securing supply. But today’s statement does not give us the broader decarbonisation roll out we so desperately need.
“Successive governments of different flavours have failed to set out a long-term vision for the decarbonisation industry. The North Sea has been in decline for years, and is often seen as a dirty piece of our hydrocarbon producing past we would rather forget. But the North Sea presents huge opportunity. An opportunity for a new industrial revolution, sucking up the smog of the past and generating clean energy. The government sticks its toe in the North Sea decarbonisation opportunity but is yet to dive in. Offshore wind was a clear success but we failed to retain the benefits by giving away the supply chain.
“The usual moan is money but this misses the point. Investors from around the world are up for a swim in these turbulent, icy waters but they are held back by government procurement processes and slow progress on the necessary financial frameworks. Much can be done to support the development of green hydrogen and the capture and storage of the carbon we produce every day. We can make the most of our island’s unique geological and shipping potential to create significant value for the UK without loads of pressure on the public purse. National and international investment is ready to dive in but it is kept on the bench, rapidly getting cold. We must do more. The net zero targets are binding. The planet can’t wait.”