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The challenge: navigating the energy transition
In recent years, much has been written about the need to accelerate the transition to a lower carbon and, ultimately, net zero energy system. With less than 30 years left to achieve these critical goals, it is necessary to focus on the solutions that will have the greatest impact and move fast.
As climate change policy progresses not only in the UK, but also in Europe and further afield, there will be an increasing number of opportunities for the UK to export low carbon technologies, products and expertise, emulating the success of the oil and gas sector.
With decades of energy expertise, the UK has a huge opportunity to become a leading manufacturer, designer, installer and operator of next generation energy systems.
Our approach: developing a strong business with a clear strategy
Wood Mackenzie’s consultants worked with the Net Zero Technology Centre (NZTC, formerly the Oil and Gas Technology Centre) and Lux Research to develop a national technology roadmap for the UK's offshore sector to support the UK's 2050 legally binding net zero target.
The work identified the focus technology areas across the oil and gas, renewables, hydrogen, and CCUS sectors that would support a net zero integrated energy system. By establishing the current status of technology within each sector and the 2050 end goal, the key technology gaps, major bottlenecks and inter-dependencies were assessed.
For each sector, the report highlighted the areas critical to the net zero ambition, identifying where strategic investment and support are required at the national and corporate level.
In addition, a socio-economic analysis was developed to understand the investment required, the total economic impact of each of the sectors, and the employment that would be created as a result of development of each sector.
The result: a roadmap to achieving a net zero integrated energy system
The project team consisting of Wood Mackenzie consultants delivered a compelling report outlining the areas of investment, technical innovation, and research required for the UK to meet its net zero target. It serves as a starting point for businesses, regulators, and policymakers to come together to start constructively discussing how the UK will undertake this significant, modern-day challenge. We draw upon our deep industry insight to help NZTC articulate a clear strategic narrative and compelling roadmap that will equip them to achieve their objectives. Fill in the form to get access to the full report for more details.
Watch the video below which illustrates the pivotal role that the North Sea can play in the UK's energy transition:
Get in touch
Whether you are a new or more experienced player and require assistance navigating the energy transition our global experts are here to help.
If you would like to set up an initial discussion, please get in touch.
