The UK government is organizing a global energy security conference in London next year, aiming to unite senior politicians and industry leaders worldwide to coordinate efforts in strengthening critical supplies, managing energy costs, and advancing clean energy transition.
Energy Security and Net Zero Secretary Grant Shapps made the announcement for the upcoming conference.He emphasized the necessity for international cooperation to diversify energy sources and align with global climate objectives.
The government has scheduled the “landmark” conference for spring with the intention of preventing potential shocks to the global energy system, particularly in light of recent events such as Russia’s invasion of Ukraine, which disrupted energy markets.
The surprising growth of the UK economy in the second quarter, as revealed in official data, has boosted expectations for more interest rate hikes by the Bank of England (BoE). This growth, coupled with the central bank’s focus on the economy’s resilience, has heightened the likelihood of continued rate increases.
Expediting the deployment of robust and clean energy infrastructure
The upcoming London Energy Conference is expected to concentrate on expediting the deployment of robust and clean energy infrastructure. The conference also aims to advance technologies and innovations that enhance energy independence.
Shapps stated that the international conference seeks to mitigate the risk of energy shocks, emphasizing the interconnectivity of global energy security and supply.
They are considering including participants from various countries, including China and oil-producing nations like Saudi Arabia, Qatar, and the UAE. However, they have decided not to invite Russia to the conference
While Shapps has received criticism for promoting oil and gas production in the North Sea, the UK government continues to issue licenses for such projects, claiming it contributes to energy security. Critics argue that such actions conflict with climate goals.
The organizers are considering inviting participants from various countries, including China and oil-producing nations like Saudi Arabia, Qatar, and the UAE. However, they have decided not to invite Russia to the conference.
Furthermore, there are calls for greater clarity from Labour regarding its state-owned green power developer initiative, GB Energy. A report by the Trades Union Congress suggests substantial returns from investing in this venture, potentially providing significant benefits to households and businesses.