There will be a transition away from oil and gas to new clean industries in the North Sea and across the UK. That could happen faster than current projections predict, with 24 per cent less gas demand in 2030 than the Climate Change Committee’s Balanced Net Zero pathway projects, meaning demand for oil and gas declining rapidly beyond 2030. If the UK plans for this future now, it could secure significant economic benefits.

What would this look like in policy terms? Immediate support for workers to reskill and move to new jobs in growing green industries, a tax regime aligned with the transition and regulation to manage the decline in fossil fuels and grow the industries of the future.