We need £100bn for our energy security

Challenge of net zero transition

- DAN VEVERS

Environment Reporter THE UK's energy security will require a £100billion cash injection by the end of the decade to help keep the lights on, a report by the oil and gas industry has claimed.

But campaigners insisted energy investment should overwhelmingly be in renewable and low carbon technologies.

Offshore Energies UK (ÕEUK) - formerly Oil and Gas UK- said £100billion was currently being held back by the private sector for key projects amid investor "uncertainty".

In its new Economic Report 2023, OEUK claimed part of this sum is also needed to install the renewable infrastructure required to get the UK to net zero by 2050.

It projected investment in low carbon schemes could account for three-quarters of all offshore spending by 2030. But it comes amid anger from eco groups over Rishi Sunak's recent green-lighting of more than 100 new North Sea drilling licences.

Climate scientists and activists say there should be no more new fossil fuels schemes if the world is to keep global temperatures within safe limits.