A growing share of the UK’s energy sector jobs, investment and innovation are shifting abroad, a new report has found.
The 41st Energy Transition Survey has revealed that of more than 100 companies, two-thirds expect to increase their headcount overseas in the next five years, undermining Britain’s ability to deliver net zero.
Companies expect the majority of their work will be overseas by 2030, with the tipping point coming in about 2027-28, according to the report, published by Aberdeen and Grampian Chamber of Commerce (AGCC).
As fossil fuel production is wound down, Aberdeen has in recent years been hoping the North Sea oil and gas industry's engineering expertise can be repurposed to make it a centre for green energy.
But according to the report almost half said staff were already leaving the UK to work in other energy regions, caused by weak domestic confidence, uncompetitive policy and a lack of viable projects.
Dubai has emerged as one of the top destinations for UK expats, making it one of the world’s fastest growing wealth hubs. A representative for AGCC said of the energy jobs leaving the UK that “anecdotally, we hear a lot are heading to Dubai”.
Russell Borthwick, chief executive of Aberdeen and Grampian Chamber of Commerce, said the findings of the survey are “a wake-up call for policymakers” in the UK.
“We are training a world-class workforce and building the technology to lead the energy transition, but that talent and investment is increasingly being deployed overseas.
“You cannot deliver net zero by exporting your industrial base. If we continue to erode competitiveness through incoherent energy policy and excessive taxation, we risk offshoring the entire supply chain that is essential to the UK’s future energy system.”
The survey was produced in association with financial analysts Johnston Carmichael and clean energy company D2Zero.
Mark Stewart, head of energy, infrastructure and sustainability at Johnston Carmichael, said: “Uncertainty and inconsistency in UK energy policy are now bigger threats to investment than commodity prices or global market trends.
“We are seeing a growing trend of skills, capital and capability moving overseas, particularly in areas like offshore wind, carbon capture and decarbonisation technologies.”
A UK Government representative said it “recognises that oil and gas production in the North Sea will be with us for decades to come and is committed to managing the energy transition in a way that supports jobs in both existing and future industries”.
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