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UK ‘absolutely committed’ to net zero, says Shapps

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece in The Financial Times or enjoy below

🗞️ Driving the news: UK Energy Secretary Grant Shapps affirmed the government's dedication to net-zero carbon goals by 2050 during a Downing Street meeting, prompting investment in renewables and maintaining North Sea oil/gas operations
• He also endorsed a report by industry expert Nick Winser to halve new project connection times from 14 to 7 years (participants included Shell, Harbour Energy, RWE, and Scottish Power)

🔭 The context:  Tensions between the government and energy industry, aggravated by windfall taxes following Russia's Ukraine invasion and inconsistencies in green policies, have unsettled clean energy investors
• However, Shapps reiterated the government's commitment to net zero and energy security in recent discussions

🌎 Why does it matter for the planet: By emphasizing investment in renewable energy sources and maintaining oil and gas operations for the transition period, the UK government aims to balance energy security with its commitment to a net-zero future
• This dual approach aims to contribute to global carbon reduction targets and mitigate potential job losses and dependence on oil and gas imports

⏭️ What's next: Energy chiefs called for amplified support for offshore wind and expedited permits for new wind turbines and electrical cables
• Addressing these appeals, Shapps expressed a practical approach towards net-zero targets, affirming the continued extraction of North Sea oil and gas during the transition

💬 One quote: "For the avoidance of doubt, we are absolutely committed to net zero in 2050 but we will do it in a pragmatic way." (UK Energy Secretary, Grant Shapps)

📈 One stat: RWE, the UK's largest power producer, aims to invest up to £15bn in the UK by 2030, reinforcing the energy sector's commitment to the net-zero targets

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