Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

New alliance calls for drastic culture shift on low-carbon tech financing

© Derek IronsideConference session at SPE Offshore Europe 2019.
Conference session at SPE Offshore Europe 2019.

The UK will fail to reach net zero by 2050 without a drastic change to the way low-carbon technologies are funded, a new alliance of energy experts has warned.

Research undertaken by FTech2Zero, which includes Siemens Energy, Wood, the Net Zero Technology Centre and the Energy Industries Council, highlighted a “disconnect” between developers, financial institutions, end users and government.

The group warned that the gaps in the funding system must close so that nascent technologies can be developed.

It is calling for a drastic culture change between government, financial institutions, technology providers and the private sector.

At next month’s virtual Offshore Europe event, FTech2Zero will deliver a presentation on the theme and is preparing a white paper for launch during COP26 in Glasgow in November.

For its research, the group surveyed more than 120 operators, service companies, technology companies, consultancies, and technology investment specialists and held several roundtables to test the survey data and core hypotheses.

Keiren Lake, business development at Siemens Energy, said: “Ambitions to achieve net zero goals by 2050 with the same approach that government, investors and the private sector have adopted so far, will almost certainly fail.

“We have identified several challenges in financing novel net zero technologies that sit across the value chain. There is a disconnect on how all the parties view the approach to project development and risk mitigation and drastic culture change is needed to turn this around and to re-frame investment discussions.

“To remain on track with Net Zero 2050 targets, a much more encompassing approach is required where government, finance and industry work together to establish a new multi-stakeholder financing framework where risks can be both fully understood and appropriately shared.”

Recommended for you

More from Energy Voice

Latest Posts