Media contributions
1Media contributions
Title Navigating Scotland’s energy transition: The imperative of sustaining oil and gas investments Degree of recognition International Media name/outlet www.energyvoice.com Media type Web Country/Territory United Kingdom Date 5/07/24 Description This study employs a computable general equilibrium (CGE) model to examine the employment, economic and energy transition implications of under-investment in Scotland’s oil and gas sector. Under current forecasts of declining upstream investments through the end of this decade, the study finds substantial job losses across multiple sectors, with an estimated total loss of about 19,509 jobs in Scotland by 2030. This includes 11,193 direct oil and gas sector jobs, with the sector expected to experience the fastest annual decline, losing about 1,865 jobs each year. Other affected sectors include manufacturing, construction, finance and insurance activities, and wholesale and retail trade. Adverse shifts in key macroeconomic indicators include a 2.11% decrease in GDP, a 0.37% increase in inflation, and declines in government income, capital formation and household consumption budgets. These findings have significant implications for an emerging renewables sector within the context of the broader energy transition in Scotland. Research shows that 90% of oil and gas roles have direct transferability to renewables, making the skills and experience of oil and gas workers critical for the successful development of Scotland’s growing renewables industry. Policy implications are clear: mitigating the decline in oil and gas investment levels slows job losses and facilitates an orderly transition of sector expertise to Scotland’s burgeoning renewables sector. This approach supports the energy transition, enhances energy security, fosters technological innovation and maintains the competitiveness of Scotland and the wider UK in the global energy space. It also ensures a smooth, inclusive and just transition in Scotland. Producer/Author Dr. Yakubu Abdul-Salam URL https://www.energyvoice.com/opinion/556210/navigating-scotlands-energy-transition-the-imperative-of-sustaining-oil-and-gas-investments/ Persons Yakubu Abdul-Salam
Keywords
- Scotland
- oil and gas
- investment
- employment
- jobs
- energy transition
- computable general equilibrium
- CGE