New analysis from Offshore Energies UK (OEUK), the main commerce physique for the UK’s integrating offshore vitality business, on the financial affect of the sector has revealed that oil and gasoline contributes £396m Gross Worth Added (GVA) to the economic system of Wales, offering jobs for greater than 4,400 folks.
These newest figures spotlight the important function that the oil and gasoline business performs in Wales whereas underlining the necessity for a ‘simply transition’ to safeguard the communities that depend on the sector for his or her livelihoods.
Oil and gasoline continues to fulfill some 75% of the UK’s vitality wants. OEUK right now mentioned firms in Wales play a important function in sustaining the nation’s current vitality provides whereas on the similar time constructing the low carbon vitality programs of the longer term.
The UK is coming into right into a transformational interval of vitality manufacturing and Wales might be important within the transition, with the workforce’s abilities and experience proving basic within the drive to web zero. Wales has established itself as a frontrunner in pioneering applied sciences that can play an essential function in selling a low carbon future for the UK.
The HyNet decarbonisation cluster, which operates within the North of Wales, is a key instance of the revolutionary work being performed by business to drive in the direction of web zero. The cluster has achieved ‘Monitor 1’ financial standing and is about to seize and retailer big volumes of carbon dioxide, which is able to dramatically enhance the UK’s provide of unpolluted hydrogen inside the decade. HyNet might be essential in unlocking a low carbon future, with the potential to scale back carbon dioxide emissions by 10m tonnes annually – the equal of taking 4m vehicles off the street.
Following the publication of those new figures, Jenny Stanning, Exterior Relations Director at OEUK, mentioned:
“This analysis showcases the numerous function of the oil and gasoline business within the economic system of Wales. Firms based mostly in Wales assist preserve the UK’s provides of home-produced oil and gasoline whereas additionally constructing the low carbon vitality programs of the longer term.
“By supporting the manufacturing of vitality within the UK, we will appeal to the funding wanted to keep away from turning into more and more reliant on imported vitality, assist jobs, and proceed to make a big contribution to the economic system whereas assembly our local weather targets, which is why we stay involved concerning the affect of sudden new taxes on the sector at a time when we have to prioritise vitality produced within the UK.”
The analysis, carried out by Experian, discovered that inside the UK as an entire, the oil and gasoline business contributes £26.5bn GVA, supporting greater than 200,000 jobs throughout the nation.
Discover out extra concerning the offshore vitality business’s dedication and contribution at www.oeuk.org.uk.
