Oil and gas remains an important part of our energy mix. However, we must transition to new, cleaner fuels. While tax and regulation powers over offshore oil and gas are reserved to Westminster, any government support for the oil and gas sector in the North sea will be conditional upon the industry contributing to a sustainable, secure and inclusive energy transition.
With the powers of independence, we are committed to ring fencing any revenues from oil and gas in a Net Zero Fund – helping to accelerate the transition to zero carbon energy, and supporting areas like Aberdeen and the North East to diversify its economy.
We have established a £62 million Energy Transition Fund to support businesses in the oil, gas and energy sectors over the next five years as they grow and diversify, and help attract private sector investment in the region.
In recognition of the difficulties facing the North East as a result of the pandemic and the oil downturn, we will invest £15 million next year to support workers to retrain and learn new skills.