Teesside ’ s role at the front of the UK ’ s energy transition movement
LAW
Teesside ’ s role at the front of the UK ’ s energy transition movement
LEADING THE WAY
As companies across the world look to continue the push towards a net zero future , Teesside has a unique opportunity to lead the way .
International law firm Womble Bond Dickinson ( WBD ), which has an office in the Wilton Centre , is playing a key supporting role , with its recent annual energy transition report highlighting the biggest threats and opportunities faced by energy and utility firms as they work to move towards net zero targets .
The firm , which has advised on complex and high-profile energy-related projects across Teesside and the wider North-East , including supporting SeAH Wind on a deal to supply turbine monopiles for the Hornsea 3 wind farm in the North Sea , released the report ahead of Cop28 at the end of November .
With world leaders due to discuss the next steps needed to increase the movement towards a net zero global economy , the report , which highlights the views of key decision makers , indicates what is required to ensure a smooth process .
Backing from authorities key to firm up clarity The firm conducted a survey of 456 key decision makers active in operations , investment or research in the energy sector , including C-suite executives , in-house legal counsel , business or operations managers , project managers , and investors .
While 56 per cent of respondents are still planning to strengthen commitments to energy transition strategies , common hurdles have included lack of governmental clarity , cost and overall economic impact .
After recent changes from the government regarding the UK ’ s net zero policies , companies may be starting to look to the upcoming general election and potential change of government to encourage new guidance or incentives to regions delivering energy projects , including Teesside .
According to the report , funding of grid upgrades and efficiency improvements or policies to incentivise energy storage were key requests for the government to implement from respondents .
Local knowledge – Womble Bond Dickinson partner and head of the firm ’ s Teesside office , Peter Snaith .
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