The UK Government Partners with Japan’s Sumitomo Corporation for £7.5bn Investment in Offshore Wind and Hydrogen Projects

The UK government has signed a partnership with Japan’s Sumitomo Corporation’s which will facilitate a £7.5bn ($10.2bn) investment into the country’s offshore wind and hydrogen projects by 2035. This significant investment will boost long-term business growth in key sectors following the UK’s Modern Industrial Strategy and 10-Year Infrastructure Strategy.

This latest commitment follows a Deloitte survey that ranked the UK among the top destinations for global investment. The Minister for Investment, Poppy Gustafsson, expressed confidence in the UK economy, stating, “The UK is a top investment destination for Japanese businesses. This is yet another major vote of confidence in our economy and shows international backing for our modern Industrial Strategy. We’re serious about clean energy as a key growth sector, and deals like this create high-value jobs, encourage further investment into our world-leading industry, and help boost economic growth across the UK.

The investment will focus on offshore wind and hydrogen projects, supporting the UK’s goal to become a clean energy superpower. Sumitomo group CEO, Hajime Mori, emphasized their commitment to driving growth in the clean energy sector in the UK through active investments in decarbonization and clean energy.

This partnership builds on the strong trade and investment relationship between the UK and Japan, further enhancing the Industrial Strategy Partnership and Economic 2+2 agreements established earlier this year. Additionally, the ratification of the CPTPP is expected to boost the economy by £2bn annually in the long term.

With current trade between the UK and the Asia Pacific region already exceeding £135bn, these new partnerships will further strengthen economic ties and drive growth in clean energy initiatives.