THE British Chambers of Commerce (BCC) is advocating for the creation of an independent taskforce to swiftly examine energy transition in the North Sea and protect up to 100,000 jobs in the UK.

This demand follows the release of a new BCC study today, which highlights a careful balancing act is need to reach net zero while preserving the large workforce in the oil and gas industry, in addition to the numerous jobs associated with it throughout the UK. The study acknowledges the importance of the UK meeting its climate goals; however, it points out that the current financial strategies for the oil and gas sector could deter investments and affect the nation’s energy security.

The study acknowledges the importance of the UK meeting its climate goals; however, it points out that the current financial strategies for the oil and gas sector could deter investments and affect the nation’s energy security.

The report calls for a “national conversation” about the North Sea as a “critical asset”. It highlights recent estimates that 200,000 direct and indirect jobs across the UK are reliant on the oil and gas industry.

And it concludes that there needs to be “strong dialogue” and “collaboration” between all interested parties.

Shevaun Haviland, Director General of the British Chambers of Commerce, said: “The imperative for Net Zero is ratcheting up daily as fresh evidence of the damage caused by climate change emerges. But it’s equally important that we manage this process to avoid catastrophic harm to our economy and workforce.

“We need an effective energy transition which does not cut adrift the tens of thousands of highly skilled people across the UK who rely on the sector for their livelihoods.

“It must also balance the diversity of our power supplies, so that the UK’s energy security is not put at risk, and we do not become over-reliant on imported fuels.

“This means having a clear and integrated plan in place as soon as possible. Politicians cannot keep kicking the can down the road. It is in everyone’s interests to get round the table and find pragmatic solutions.

“There also need to be honest conversations about how this can be financed. Plans to reduce capital and investment allowances will undermine business confidence in the sector and jeopardise a successful transition.

“If private investment in the sector is put at risk, then the repurposing of infrastructure and the pathway forward are also put in doubt.

“We are therefore calling for the establishment of an independent taskforce to further our research and support the new Government. A partnership approach can create a future for the North Sea which preserves the investment and skills needed for the green economy and safeguards thousands of jobs.

“Last week’s announcement that Government will consult on new environmental guidance for the oil and gas sector, provides an opportunity for all parties to shape the fair and just future everyone wants to see. This report provides the framework for this to happen.

“Independent recommendations from a taskforce will help create a route towards the certainty and confidence that businesses, the workforce, unions and environmental groups can all believe in.”