The Jackdaw field will start supplying gas to homes and businesses from the end of the month, the government said
Alongside the Jackdaw announcement, the government has said it is setting up an Energy Wealth Fund. This will in effect ringfence some North Sea oil and gas tax revenues for investment in renewables.
In its news release, the Department for Energy Security and Net Zero says:
The chancellor is also announcing today the establishment of a new Energy Wealth Fund, which will use tax revenues from North Sea oil and gas to invest in renewable and low carbon energy projects and support the green transition. Reflecting our commitment to the North Sea, this will start with an initial £2bn injection of funding, with future revenues from the North Sea flowing into the fund over time …
The Energy Wealth Fund will support investment in the renewable and low carbon energy industries that will power Britain’s future. It will help ensure more value from Britain’s energy resources is invested for the long term, supporting the green transition and creating a lasting national asset for future generations.
Through our new Energy Wealth Fund, we will invest in the clean energy industries of the future, creating jobs, driving growth and strengthening Britain’s energy security.
No, and I think it’s really important that we’re honest about this. That was not a consideration in the decision because it won’t mean cheaper bills.
This was about energy security and having homegrown energy, and it was also because we thought it was compatible with our with our climate commitments.
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