Wednesday 2 August 2023

UK hosts £100bn energy investment summit

UK hosts £100bn energy investment summit

Top executives from the UK's energy sector will come together at 10 Downing Street later today to discuss ambitious investment plans worth £100 billion.

The meeting, led by Energy Security Secretary Grant Shapps, aims to boost the economy and strengthen energy security.

Representatives from energy companies, including EDF, SSE, Shell and bp are expected to attend the summit.

On Monday, Prime Minister Rishi Sunak committed to fully exploiting the UK's oil and gas reserves, announcing a fresh round of extensive drilling in the North Sea.

However, experts warned that this move could have dire consequences for the climate.

Sources indicate that the gathering today will focus on driving new investments in oil and gas ventures in the North Sea, in renewable energy projects and nuclear power plants.

Mr Shapps is also expected to address the need to protect vital energy infrastructure from disruptive protests, such as those at the Kingsbury and Thurrock clusters of oil terminals and the Grangemouth refinery.

Energy Security Secretary Grant Shapps said: "Energy industry leaders can see that this government will back homegrown, secure energy - whether that’s renewables, our revival in nuclear, or our support for our vital oil and gas industry in the North Sea.

"But it is a sad reality that we also need to protect our critical national infrastructure from disruptive protests. Today I’ll be setting out what we are doing to achieve this and want to hear from the energy companies the vital work they are doing in this area."

Written by

Bruna Pinhoni

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