UK oil and gas companies lag in renewable energy investments, report reveals

A recent analysis by climate campaign group Uplift has found that the majority of UK North Sea oil and gas companies are failing to transition their investments to renewable energy. Out of 87 companies, only seven are projected to invest in renewables by 2030. Of these, only two will allocate more than half of their portfolios to renewable projects, while one company intends to invest in wind energy to support further oil and gas production.

The UK Government has pledged to stop issuing new oil and gas licenses, though existing fields will continue to operate. Meanwhile, Labour Party leader Keir Starmer has announced plans to revoke pending licenses and impose a windfall tax on oil and gas profits, raising the effective petroleum tax rate to 78% starting in November.

Despite these measures, Uplift highlights that only six oil and gas companies have invested in UK renewables since 2015. By 2030, renewable energy is expected to account for 63% of the UK’s energy transition investment, with oil and gas companies contributing just 10%.