The starting gun on the General Election has been fired and the race to net zero is set to be a hot topic of debate across our political and public discourse as we approach polling day.
Unsurprisingly, the latest survey highlights political and regulatory uncertainty as being a key barrier to unlocking the investment required to ensure, as far as energy transition is concerned, the North-east of Scotland emerges as a global winner.
The views of our industry base and supply chain speak for themselves so now is the time for action, not simply words, from our politicians.
Whatever the outcome on July 4, we must have stable policy signals for investors to get on with the business of the energy transition. We can supercharge our renewables revolution by injecting pace and momentum to get ahead in what is a global race.
I urge political debate to focus on the need for a joined-up industrial plan recognising the lasting, vital role the energy industry plays. Our governments, both at Holyrood and Westminster, must fully appreciate this unprecedented opportunity to support decarbonisation and lasting industrial and jobs benefits to communities across the North-east, Scotland and the wider UK.
Because if we needed any reminding of the sheer scale of the opportunity before us in terms of realising that ambition, the recent consent for the Green Volt INTOG project, Europe’s first commercial scale floating wind farm, does exactly that.
This project will unlock around £3billion of investment, of which almost £800million will be in Scotland. The developers of Green Volt, Aberdeen-based Flotation Energy and Vårgrønn, have already committed to utilising ‘significant local content’ and the job of ETZ Ltd is to try and ensure as much of this investment supports supply chain companies across the region.
That is precisely why ETZ’s very first strategic investment was to partner with ORE Catapult to deliver the world’s first Floating Offshore Wind Innovation Centre which is specifically designed to test the different technologies to derisk and lower the cost of commercialising this sector.
Of course, Green Volt is just the first of many floating offshore wind projects that will follow through the INTOG and ScotWind rounds and is worth highlighting, indeed shouting from the rooftops, that 73% of the global floating pipeline is within Scottish Waters.
So this region is blessed with the two vital ingredients for success – we have the unrivalled pipeline of projects and the skills and company base required to deliver them. Now added to that we are beginning to see the investment decisions that is providing confidence that ambition will indeed become a reality.
ETZ is fostering an ecosystem, underpinned by innovation and skills, for offshore wind to thrive. We are taking the best learnings of our world-class oil and gas sector and seeking to emulate that experience for new and green energy.
As well as Offshore Floating Wind we have a focus on Green Hydrogen and Carbon Capture & Storage as well – there are extensive and significant opportunities for us to capitalise on in these sectors too.
The survey reminds us there is a lot to be positive about – a huge appetite for transition across respondents- but there is a lot of work to be done and challenges to be overcome. I have no doubt that our pioneering company base is ready and willing to ensure this region is at the vanguard of this transformational process but a helping hand from the next incumbent of No 10 Downing Street would go a long way if we are to successfully position ourselves as global leaders in energy transition.