International business environment
What the sector needs to help the UK deliver net zero
Fuels Industry UK members are making a positive contribution to both decarbonisation and energy security. The sector is helping to deliver net zero in a way that does not damage our economy. The same processes our members use to produce fossil-derived products today will be needed to make low carbon products in the future.
But the UK has higher industrial costs than most competitor countries, poorer incentives to develop new technologies, and a policy environment that currently offers less certainty for investors.
Without urgent action we risk falling behind and losing our global leadership in large-scale decarbonisation technologies like hydrogen, low carbon fuels, and carbon capture. Investment could elsewhere and refineries will close – costing jobs, increasing emissions and weakening fuel resilience due to the dependence on imports.
Fuels Industry UK has published a paper called “policies for the fuels sector - attracting investment to deliver net zero and energy security.” Read the report here.