The Role of Oil and Gas in a Just Transition

That the Parliament notes with concern the Labour Party's reported proposals to extend the windfall tax on energy companies to 2029, and to increase the rate of this to 78%; further notes the modelling carried out by Offshore Energies UK (OEUK), which reportedly states that such a policy being implemented, with a subsequent lack of investment, could wipe out 42,000 jobs and £26 billion of economic value; believes that investment bank, Stifel, has also estimated that such a policy could result in between 20,000 and 100,000 jobs being lost; understands that over 800 business and civic leaders have reportedly signed a letter, written by Aberdeen and Grampian Chamber of Commerce, which warns that the Labour Party’s proposals would “bring about the cliff-edge end to North Sea production”; recognises what it sees as the importance of oil and gas production in delivering a homegrown energy transition while continuing to support the country’s energy needs; further recognises what it sees as the importance of the energy industry to the economy of the North East Scotland region, and supports efforts for a just transition for the north east and Moray, and for Aberdeen to become a global net zero capital.