The UK government’s recently released Industrial Strategy Green Paper has outlined three major challenges for energy policy that will be addressed.
· First – to ensure that the shift to a low carbon economy is done in a way that minimizes the cost to UK businesses, taxpayers and consumers.
· Second - the government – working with the energy industries and regulators – will manage the changes to energy networks required in the transition to a low carbon economy.
· Third - to make sure that the UK capitalizes on its strengths in the energy industries to win a substantial share of global markets. This includes making the most of the areas in which Britain has a lead, such as nuclear decommissioning and offshore oil and gas.
As part of the third, and final, challenge, the paper states that making the most of certain segments of the energy industry requires a strategic investment in innovation and in the design of the regulatory frameworks that can influence investment.
"The Green Paper recognizes the leading expertise of the UK oil and gas offshore industry,” Michael Burns, an oil and gas partner at law firm Ashurst, said in a comment sent to Rigzone.
“Not only is the industry an international leader in its field but the government would also be well advised to focus on the significant regulatory overhaul in the recent past with the establishment of the Oil and Gas Authority and the introduction of powers to drive forward the principle of Maximum Economic Recovery. The combination of these two factors puts the industry in a prime place to be held as a beacon of what the government is seeking to achieve across other sectors in the UK,” he added.
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