Research highlights that making the UK's windfall tax on oil and gas permanent could yield sufficient funds to support North Sea workers in transitioning to green jobs. Funding needs amount to roughly £1.9 billion annually for retraining workers and developing infrastructure for renewable energy. This includes £1.1 billion for the wind industry, £440 million for port upgrades, and £355 million for training. The proposed permanent windfall tax, initially instated during the surge in oil and gas prices, is projected to generate over £2 billion each year, emphasizing the urgency of this economic shift.
Transitioning to a renewable energy economy is one of the greatest opportunities the UK has to create secure, well-paid jobs for energy workers and build a fairer future.
The analysis found that making permanent the current windfall tax on North Sea producers could raise at least 2bn a year.
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