In an opinion piece for GB News, Viaro Energy CEO Francesco Mazzagatti argues that the UK’s new target to reduce greenhouse gas emissions by 87% by 2040 must be matched by a credible industrial strategy if it is to succeed.
As Francesco writes: “Targets without infrastructure plans are just numbers on a page.”
Francesco argues that many of the technologies required to deliver Net Zero – including offshore wind, carbon capture, hydrogen and industrial electrification – depend on infrastructure that already exists because it was built, financed and maintained by the North Sea oil and gas sector.
Whilst supportive of emissions reduction, Francesco warns that policies such as the Energy Profits Levy (EPL) risk undermining the very industry that will help deliver the transition. He argues that continued investment in the UK Continental Shelf is essential to maintain critical infrastructure, energy security and the industrial capability needed for future low-carbon projects.
Francesco also highlights the role of domestically produced gas in supporting the UK’s energy system during the transition, noting that UK production is subject to some of the world’s highest environmental standards and can offer a lower-emissions alternative to imported liquified natural gas.
He calls for a more pragmatic approach to energy policy, including reform of the EPL, a stable long-term fiscal framework for investors, and greater recognition of the North Sea’s role in supporting both current energy needs and future decarbonisation ambitions.
Francesco concludes that the UK can still lead on climate action, but only if it combines ambition with industrial realism and treats domestic energy producers as partners in the transition rather than obstacles.
🔗 Read the full op-ed on GB News: https://www.gbnews.com/opinion/ed-milibands-net-zero-fantasy-epl-francesco-mazzagatti
