UK Oil and Gas Industry Hits Emissions Target Four Years Early

The UK oil and gas industry has hit one of its emissions reduction targets four years early, Offshore Energies UK, the industry association, reported, citing increased power system efficiency. “Oil and gas will remain essential for decades to come,” said Mark Wilson, OEUK’s director of health, safety, environment and operations, as quoted by Bloomberg. “It is better from all points of view — financial, environmental, and social — that energy comes from our own homegrown North Sea supplies.

Under this program, the oil and gas industry is seen as mostly a source of funding for the construction of more wind and solar installations. To that end, the Starmer government has removed an investment incentive from the profit tax regime for the energy industry, which would see the total tax burden for oil and gas operators rise to 78%.

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