REIMAGINING A NET ZERO NORTH SEA | An Integrated Energy Vision for 20501REIMAGINING A NET ZERO NORTH SEAAN INTEGRATED ENERGY VISION FOR 20503CONTENTSForewords3Executive Summary 7Reimagining the UK’s Energy Sector 10The Power of an Integrated Plan 12Emerging, Progressive, Transformational 14At a Glance 16In Depth 18Jobs and Economy 26Enabling Affordability 28Technology for 2050 30A Massive Opportunity for the UK 32Methodology 34Acknowledgements36INVESTING NOW FOR 2050 – AND BEYOND The UK offshore energy sector has reached a pivotal moment, a watershed in our industrial history. We are at a threshold when the experience and expertise forged over the last 50 years must be used in partnership with transformational low-carbon technologies to meet the challenges – and grasp the opportunities – presented by the UK’s commitment to net zero.A reimagined North Sea, an integrated net zero energy system, can lead this global drive to deliver the commitments of the Paris Agreement. Up to £416bn investment is required over the next 30 years, but this creates a fantastic business opportunity that by 2050 could potentially contribute £125bn per year to the UK economy, while supporting more than 230,000 jobs. Delivery of a transformation of this magnitude, building on the skills and capabilities already present across the UK energy sector, will not only help deliver the net zero goal but reinvent our nation for a sustainable future – creating a sector with technology, skills, services and an innovative ecosystem which will be a global leader and exporter in the net zero economy.There are challenges to delivering this integrated energy vision. This report outlines three possible scenarios. They are not definitive, ...
