In the UK, the head of the NSTA has said that around half of the £100 billion planned to be invested in the North Sea will go to alternative energy sources, not oil and gas.
This was reported by the BBC.
Stuart Payne, head of the North Sea Transition Authority (NSTA), said that additional investments are planned in carbon capture technology and the construction of floating wind farms.
Photo: bbc.com
Stewart Payne said that the NSTA's focus on green technologies has already helped reduce emissions from oil and gas production by 34%, but there is still much work to be done to improve current results.
“The words we use matter. How we talk about this industry, whether it's in wind, CCS, oil and gas, or decommissioning, matters,” said Payne.
He added that there are real and very significant commercial benefits for the UK from zero-emission projects.
“The possibility of zero emissions for the UK is not a cliché or a sound bite,” he added.
As EcoPolitics reported earlier, the UK has frozen the development of a large oil field owned by a Norwegian company due to environmental requirements. The project is estimated to cost $3.8 billion.
