The UK has agreed a historic pact with nine other European countries to build an offshore wind power grid in the North Sea - turning the oil basin into a "clean energy reservoir".
Belgium, Denmark, France, Germany, Iceland, Ireland, Luxembourg, the Netherlands, Norway and the UK are today expected to sign the Hamburg Declaration.
The agreement, The Guardian reports, will see the countries build windfarms at sea that directly connect to multiple nations through high-voltage subsea cables.
The project is anticipated to provide 100GW of offshore wind power - enough electricity capacity to power 143million homes.
Reacting to the landmark agreement with the EU, William Bain, Head of Trade Policy at the BCC, said: "It is essential for the UK’s energy security and economic growth that we co-operate more closely with our European allies to realise the full potential of the North Sea.
“The commitments set out in the Hamburg Declaration will deliver on that, allowing our businesses to work on joint projects on renewables, interconnectors and other vital energy infrastructure.
“But we must not stop there. Action is also needed to ensure the competitiveness of oil and gas extraction and refining in the UK. This is a vital part of our energy mix in an uncertain world where we face multiple geopolitical and security threats.
“The UK government must ensure that its fiscal and policy decisions in the North Sea provide some much-needed certainty to businesses, workers, and communities across the country.
“Firms are clear that the current tax regime is not sustainable for another four years. If the Energy Profits Levy remains unchanged, it will negatively impact jobs and investment in the UK.
“The government must move to the recently announced Oil and Gas Price Mechanism as soon as possible, 2030 will be too late.
“The full commercial possibilities of offshore hydrogen exports from the UK, and carbon capture and storage also need to be explored. This is already a focus of energy security for many of our European partners.
“Businesses in the UK are desperate to see lower energy costs. The EU Reset offers an opportunity to bring the UK closer to a large and growing market for the surplus electricity it generates. This would secure increased investment, lower wholesale costs, and continuity of supply.
“The momentum from today's Summit and Business Conference needs to be kept up. Economic growth, lower costs for businesses, and tens of thousands of jobs in the North Sea energy sector depend upon it."
It comes after SNP MSP Kevin Stewart lodged a Scottish Parliament motion demanding the UK Labour Government “take its head out of the sand” and ditch its tax on Scotland’s energy.
In his motion, Mr Stewart condemned the damaging impact the Labour Government’s Energy Profits Levy is having on the North-east economy, citing Aberdeen & Grampian Chamber of Commerce's Quarterly Economic Survey report which was revealed last week.
The quarterly economic survey reported that the North-east economy has sharply diverged from the rest of the UK economy with almost half of companies forecasting falling profits – nearly 20% more than across the wider UK economy.
The number one constraint to growth cited by firms was taxation with North-east firms being hammered by the Labour Government’s refusal to ditch the tax on Scotland’s energy as 1,000 jobs are lost a month in the sector.
On the new offshore wind agreement, The Guardian reports Dhara Vyas, the chief executive of Energy UK, said: “This deeper cooperation on supply chains, standardisation and shared infrastructure is not just a strategic necessity, it is the most effective way to bring down energy costs for households and businesses while fuelling sustainable economic growth and high-value jobs for years to come.”