RMT calls for a Just Transition Fund from the Queen’s Coffers

RMT calls for a Just Transition Fund from the Queen’s Coffers

3 March 2021

RMT Press Office:

RMT calls for a Just Transition Fund from the Queen’s Coffers to boost offshore industry

OFFSHORE UNION RMT today called on the Chancellor to use his Budget speech to divert funds from Crown Estate’s recent offshore wind bonanza into a Just Transition Fund for offshore workers and seafarers to re-train for jobs in renewable energy and other green growth sectors.

RMT General Secretary Mick Cash said

“We need a Budget for workers, especially the 14,000 in offshore oil and gas and maritime who lost their job in the pandemic whilst the Crown Estate was plotting with oil companies and others to bang up the rent for offshore wind farms.

“Under the current settlement, offshore developers will look to the international supply chain to boost profits, families will be hit with higher energy bills and the Queen could bill the taxpayer for a 154% pay rise.

“That injustice cannot be allowed to happen and RMT demand that the Chancellor give offshore oil and gas workers and seafarers a clear route to new jobs in offshore wind, carbon capture and storage, hydrogen production and decommissioning by reforming the Sovereign Grant, stripping Crown Estate of offshore wind leasing powers and creating an annual £220m Just Transition Fund.”

ENDS

Notes to Editors
 
1.       Since the start of the pandemic RMT estimate over 12,000 offshore oil and gas workers and 2,000 merchant seafarers lost their jobs due to industry cutbacks.
 
2.       On 8th February 2021, Crown Estate announced that agreement had been reached with developers for the lease of six offshore wind sites on the UK Continental Shelf with a generating capacity under 8GWs. Options payments totalling £879m will be paid by developers, including BP and Total, to the Crown Estate for up to ten years.
 
3.       Under the current formula, the Queen receives 25% of Crown Estate profits back from the Treasury in the Sovereign Grant. If applied to the £879m leasing fees agreed by Crown Estate with developers in Round 4 Offshore Wind Leasing, the Sovereign Grant would be boosted by £219.75m per year.
 
4.       In 2019-20, the Crown Estate made net revenue profits of £345m. Under the current formula, this would result in a Sovereign Grant of £86.25m for 2021-22.

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Tagged with: Just Transition Fund, Offshore, Wind, Wind Farms, Crown Estate, Energy