Bp and Shell10 Apr 2022 16:21
The Government published its new energy strategy on Thursday amid a crisis largely brought on by soaring prices of foreign gas and volatile international markets. It will let the UK “take back control” and gain energy independence thanks to the help of major British brands that are set to play a key role.
The Government appears to be focused on clean energy, with a blueprint that could see 95 percent of Britain’s electricity be produced by low-carbon energy sources by 2030.
Business Secretary Kwasi Kwarteng told Express.co.uk: “The goal of taking back control is at the heart of our new Energy Security Strategy, and it’s fantastic to see British global leaders like Shell and BP stepping up to help put the strategy into action.
The British companies are focused on projects such as exciting new green technologies in the Humber, Teesside, and Scotland.
Both companies are working on Carbon Capture Storage, a process that captures and transports carbon dioxide from projects which emit the greenhouse gas, and buries it deep underground.
They are also keen on investing in offshore wind and hydrogen, which is viewed as a cleaner alternative to natural gas.
Shell takes part in the Acorn Project in Scotland and is part of a group known as the South Wales Industrial Cluster (SWIC), a group looking to decarbonise by using technologies like CCS.
Shell CEO, Ben van Beurden said: “This is a once-in-a-generation opportunity to ensure an orderly transition to net zero while bolstering the UK’s energy security and Shell is ready to play our part.
“We plan to invest up to £25billion in the UK energy system over the next decade subject to Board approval, and more than 75 percent of this is for low and zero-carbon technology.
“Offshore wind, hydrogen and CCS will all be critical but we need the right policy frameworks in place. We look forward to working with government on the important detail in order to make this a reality.”
Both Shell and BP are also part of the East Coast Cluster, one of the UK’s first two carbon capture and storage projects aiming to remove 50 percent of all industrial cluster CO2 emissions across the Humber and Teesside.
BP CEO, Bernard Looney, said: “As global energy systems transform, BP applauds today’s strategy to provide the UK with more reliable and affordable energy without losing focus on the drive to net zero.
“Recognising there’s energy security in energy diversity – the strategy doubles down on the energy transition with ambitious targets for offshore wind, hydrogen, and electrification while embracing the role that lower carbon North Sea oil & gas plays. At BP – we’re all in, and this new strategy aligns with our plan to spend £2 for every £1 we make here to 2030.”
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