UK - Scotland's oil and gas regions 'in prime position' to share £100bn carbon capture bounty, report finds
Scotland’s oil and gas centres are tipped to be at the heart of the a new multi-billion-pound industry being developed in the UK in a bid to slash greenhouse gas emissions from the most climate-polluting operations.
A report commissioned by the UK Government’s Department for Business, Energy and Industrial Strategy suggests Shetland and the areas around Aberdeen and Inverness are in prime position to reap rewards from the emerging carbon capture and storage (CCS) sector due to their wealth of expertise in engineering and other offshore skills and technology.
The study, from trade association Offshore Energies UK (OEUK), formerly known as Oil and Gas UK, found regions involved with oil and gas extraction are ideally placed to become future hubs for CCS and exploit an associated jobs boom.
Analysts predict the sector could be worth up to £100 billion a year by 2050.
However, it warns UK businesses could lose out to foreign competitors if support is not rapidly stepped up.
“It offers a huge opportunity for the UK supply chain to help energy-intensive industries cut emissions.
“If we get this right, it could unlock £100bn-worth of work for UK manufacturing employers by 2050.
“This will support UK jobs, cut emissions, boost the economy and develop skills which can be exported globally.
“North-east Scotland and Shetland are among the best-placed regions to take advantage of and benefit from these exciting new technologies.