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industry & government news

UK UNVEILS ‘TRANSITION DEAL’

FOR FOSSIL FUEL SECTOR

KWASI KWARTENG SIGNS THE NORTH SEA TRANSITION DEAL government decarbonisation targets.
“Through this landmark sector deal,
we will harness the skills, capabilities
and pent-up private investment
potential of the oil and gas sector to
power the green industrial revolution,
turning its focus to the next-generation
clean technologies the UK needs to
support a green economy,” said Energy
Secretary Kwasi Kwarteng.
UK Energy Minister Anne-Marie
Trevelyan said the deal will help
ensure the transition to renewables is
just and orderly.
“We need to urgently end our
THE UK GOVERNMENT has agreed jobs as part of the transition deal, which reliance on fossil fuels and through
a deal that will support workers and is worth a total of £16 billion. our pioneering North Sea Transition
businesses in the North Sea oil and gas Some £3 billion of that will be Deal we will do so, without putting our
industry to transition their expertise made available to replace fossil fuel economy and communities at risk.”
into green energy. supplies on oil and gas platforms with Oil and Gas Authority Chief Executive
The so-called North Sea Transition renewable energy, £10 billion will Dr Andy Samuel said the industry
Deal will harness the oil and gas sector’s support green hydrogen and £3 billion group will hold oil and gas players to
skills, infrastructure, technology and carbon capture projects. emissions reductions targets.
private investment potential to exploit BEIS said it hopes to slash the “The recent funding for a number of
emerging opportunities in offshore emissions from North Sea extraction, energy transition projects is very timely.
wind, hydrogen production, carbon which account for 3.5 per cent of all We are happy to be supporting projects
capture and decommissioning. UK emissions, in half by the end of like Acorn, Hynet, Net Zero Teesside and
Energy department BEIS said it will the decade. Zero Carbon Humber, along with the
work with the fossil fuel industry and Future extraction permits will only be Energy Transition Zone and the Global
trade unions to support up to 40,000 granted to projects that are in line with Underwater Hub,” he said.

NORTHERN GAS NETWORKS LAUNCHES GREEN

BOND TO SUPPORT HYDROGEN TRANSITION

NORTHERN GAS NETWORKS has hydrogen transition in the coming
launched its first green bond in a years. The firm is targeting net zero
bid to raise capital to prepare for ahead of the national deadline and is
hydrogen heating. planning to trial 100 per cent hydrogen
The Northern Gas Networks (NGN) in an unoccupied section of the
bond has a ten-year term and is network by the end of 2021.
aiming to raise £1 million, according Specifically, bond proceeds will
to sustainability website edie. The firm be used to upgrade pipework from
has selected Abundance Investment to metallic mains to polyethylene –
oversee the process and, as with other a switch that will be necessary
Abundance products, investors will as hydrogen blends become more
need to pledge a minimum of just £5. commonplace. NGN has already
Funds raised through the bond upgraded three-quarters of its
will be used to help NGN create gas pipework and the bond proceeds
infrastructure that is more efficient will help to transition the BOND PROCEEDS WILL BE USED
immediately and ready for the remaining quarter. TO UPGRADE PIPEWORK

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15/04/2021 13:57
News.indd 4
News.indd 4 15/04/2021 13:57