UK kicks off energy security summit with offshore wind supply chain investment.
Britain will host an energy security summit on Thursday, kicking off the meeting by pledging to invest 300 million pounds ($399 million) in the domestic supply chain for offshore wind projects.
Security of energy supplies shot up the agenda of countries around the world after Russia’s invasion of Ukraine in 2022 led to global price spikes and has seen the EU seek to curb its reliance on Russian fuels.
Britain’s Prime Minister Keir Starmer, EU Commission President Ursula von der Leyen, ministers and energy industry leaders will meet in London for the two-day summit jointly organized by the UK Government and International Energy Agency.
The summit comes at a time when the European Commission is working to phase out Russian oil and gas imports having pledged to quit Russian fossil fuels by 2027.
It is expected to announce a more detailed phase-out strategy early next month.
Britain plans to largely decarbonize its electricity sector by 2030 and wants to increase renewable power, particularly offshore wind capacity, to insulate it against fossil fuel price shocks.
Britain already ranks as the world’s second-largest offshore wind market by capacity, after China, but spiraling costs amid high inflation and supply chain bottlenecks have hit the sector.
Source: Globalbankingandfinance
