Britain Calls for Closer International Cooperation to Enhance Energy Security

On Thursday, Britain emphasized the need for increased international collaboration to bolster energy security, warning that without such measures, countries could be at risk of having their energy supplies weaponized against them.

The issue of energy security has gained significant prominence globally following Russia’s invasion of Ukraine in 2022, which led to a surge in global energy prices and prompted the EU to reduce its dependence on Russian fuels.

British Prime Minister Keir Starmer underscored the connection between energy security and national security, stating, “We will step up and make energy a source, not of vulnerability, but of strength.” Echoing this sentiment, British Energy Minister Ed Miliband emphasized the vulnerability of countries and citizens as long as energy resources can be used as a weapon against them.

The two-day energy security meeting held in London, organized by the British government and the International Energy Agency, was attended by EU Commission President Ursula von der Leyen and representatives from around 60 governments and 50 energy industry leaders.

Von der Leyen announced that the European Commission would soon publish its plan to phase out imports of Russian fossil fuels, a commitment made in response to the conflict in Ukraine.

Recognizing its exposure to fossil fuel price fluctuations and high industrial energy costs, the UK government aims to significantly decarbonize its electricity sector by 2030 and expand renewable energy sources, particularly offshore wind power.

Prime Minister Starmer outlined the government’s plan to transform Britain into a clean energy superpower by 2030, emphasizing the importance of securing domestic energy sources and transitioning to clean power.

He also highlighted the recent decision by Italian energy company Eni to proceed with its Liverpool Bay carbon capture project, which is expected to generate significant economic benefits, including 2 billion pounds in supply chain contracts and the creation of 2,000 jobs.

Prior to the meeting, Britain committed to investing 300 million pounds in the domestic supply chain for offshore wind projects, aiming to address supply chain challenges and support the growth of the offshore wind sector.

As part of this initiative, government-backed GB Energy will invest in offshore wind component manufacturers to enhance production capacity for crucial equipment like floating offshore platforms and cables.

This funding is part of the broader 8.3 billion pounds allocated to GB Energy over the current parliament, with companies eligible to apply for grants later this year.

Overall, Britain’s efforts to enhance energy security and promote clean energy initiatives reflect a strategic shift towards sustainability and self-reliance in the energy sector.

($1 = 0.7523 pounds)

(Reuters)