This comes as ETZ Ltd's billionaire chairman Ian Wood welcomed the Prime Minister's announcement about funding for the carbon capture and storage (CCS) Acorn project at St Fergus, near Peterhead.
Mr Wood pointed out that the Conservative Party's decision was first taken after an “extensive effort” to persuade them to invest in the Scottish site, which was rejected in the first round of funding in 2021.
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At the time, Mr Wood joined voices across the energy industry in calling the UK Government's decision “a blow for Scotland” and accusing the Conservatives of ignoring “key” elements of the Acorn project application.
On Monday, the billionaire founder of Wood Group welcomed Mr Sunak's CCS announcement.
He added: “Importantly, it is important for Scottish oil and gas companies, domestic supply chain companies and our economy as a whole to leverage the skills and expertise of our current workforce to achieve net zero over the next few years. This is also a great opportunity to make a significant contribution to the world.” target. ”
Mr Wood (below) also welcomed more controversial news that the UK government would approve “hundreds, if not more” of new oil and gas licenses in the North Sea.
“Simply reducing reliance on domestic oil and gas production would increase carbon-laden imports from abroad, putting tens of thousands of jobs at risk, which would be counterproductive economically and environmentally,” he said. That is completely meaningless.”
But he urged Conservatives not to lose sight of “the importance of reducing emissions and achieving net zero targets while strengthening the country's energy security”.
Mr Wood said: “We remain focused on fully realizing large-scale renewable energy opportunities, particularly in offshore wind and green hydrogen.
“For example, 17GW of large-scale floating wind projects that have been agreed are located within 100 nautical miles of Aberdeen, accounting for 73% of all such projects in Scottish waters.
“This is therefore an area where our region has a natural competitive advantage to become a world leader, given that these technologies are currently not available at scale. We can only achieve this goal if we protect existing jobs and a critical mass of employment.''Unlocking it requires critical expertise.
“The importance of reducing emissions and achieving net zero targets while strengthening the nation’s energy security cannot be overstated, and we believe that North East Scotland’s world-class energy sector will It is clear that this is fundamental to achieving our goals.”
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Mr Sunak visited the St Fergus Gas Works in Aberdeenshire, where he was joined by Scottish Secretary Alistair Jack to make an announcement on the Conservative Party's energy policy.
Funding for carbon capture sites has been welcomed across political circles, with even the Green Party saying the technology could play a role in the transition to net zero.
But plans to “maximize” North Sea oil and gas reserves have infuriated campaigners, who say the UK government is guilty of “climate change denial”.
The International Energy Agency announced in 2021 that for the world to stay within safe limits for heating and reach net-zero heating by 2050, exploration and development of oil and gas fields must cease that year.
However, Conservative Energy Secretary Andrew Bowie claimed that even if the UK “maximizes its use of North Sea reserves”, it could reach net zero by 2050.
