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.

Exemptions promise on new policy shows government taking concerns on board

Neil Gordon, chief executive of Subsea UK
Neil Gordon, chief executive of Subsea UK

Subsea industry chief Neil Gordon says exemptions to the UK Government’s new policy on fossil fuels projects abroad shows the sector’s concerns had been heeded.

Last week, the UK Government confirmed it would no longer provide taxpayer funding for supply chain export activities that support overseas fossil fuels projects.

Westminster made the decision following a short consultation and will bring the new policy into force at the start of April.

But it has agreed to a one-year grace period for small businesses to help them adjust – and to a “guarantee” that oilfield service firms with “credible” transition plans can still receive backing.

Neil Gordon, chief executive of Subsea UK, said the government had listened and taken on board concerns about the potential unintended consequences of withdrawing support.

Industry figures had been concerned that supply chain firms who are expected to play a key role in the energy transition would be put under financial strain by the move.

Mr Gordon said: “SMEs make up a large part of the UK’s subsea supply chain, with £8 billion in revenues, around half of which is exports.

“The one year exemption will give SMEs, particularly those still in a fragile position financially, time to adjust, ensuring they can maintain export sales which, in turn, support UK jobs.

“Equally, we welcome the acknowledgement that many of the oil and gas technologies, products and services currently exported are transferable into other sectors and, crucially, can help accelerate the energy transition.”

Mr Gordon added: “This is a journey that will take time and requires a balanced approach to deliver net-zero, at pace, while protecting the economy and jobs.

“Many of the projects and technologies required to transition are some years away from providing supply chain opportunities at significant scale and it’s important that there is recognition of our oil and gas heritage and expertise in delivering net-zero in the UK but also, through our exports, in enabling other countries to embark on their energy transition journey.”

Recommended for you

Tags

More from Energy Voice

Latest Posts