PRESS RELEASE : Energy security push to boost economic growth [July 2023]

• Prime Minister and Energy Security Secretary to lead efforts this week to strengthen UK’s energy independence
• They will meet industry leaders from oil, gas and renewable sectors – to drive forward measures that safeguard national energy security and reduce reliance on hostile states
• Builds on years of critical support for North Sea oil and gas, the UK’s world-leading track record on renewables and our international leadership against Putin’s invasion of Ukraine

The Government will this week set out how it’s delivering on its energy security strategy plans to grow the economy and create jobs across the United Kingdom.

Prime Minister Rishi Sunak will set out how the UK’s world-leading energy industry expertise will create jobs and grow the economy and ensure tyrants like Putin can never again use energy as a weapon to blackmail the UK.

As part of the Government’s efforts to strengthen the UK’s energy independence, he will announce investment plans to put powering up Britain from Britain first – making the most of our country’s resources and reducing reliance on imported fossil fuels, by backing our oil and gas industry, investing in the latest clean technologies and isolating Putin’s regime from global energy markets.

The Prime Minister and Energy Security Secretary Grant Shapps will meet energy industry leaders throughout the week – including oil and gas, renewables and nuclear businesses – to ensure the UK is capitalising on opportunities to bolster our energy infrastructure now, and boosting our long-term energy independence, security and prosperity in the years to come.

The week will also include support for British innovation in new industries such as carbon capture and storage, and for cutting edge renewables across the country.

Energy Security Secretary Grant Shapps said:

Energy security is national security. Since Putin’s illegal invasion of Ukraine the Government has driven Russia from our energy market, paid around half of a typical family’s energy bill and grown our economy by driving forward major energy projects.

This week we will go even further. Forging ahead with critical measures to power up Britain from Britain – including supporting our invaluable oil and gas industry, making the most of our home-grown energy sources and backing British innovation in renewables.

And across Government we will champion Britain’s businesses to deliver on the Prime Minister’s priority of growing the economy – helping them to create new jobs and even whole new industries across the UK.

This week’s announcements will build on the country’s world-leading track record which includes:

• Supporting North Sea oil and gas, which each year contributes £17billion to the UK economy
• Investing billions of pounds in renewable energy – leading to the UK having the world’s four largest operational wind farms off its shores;
• Cutting emissions by 48 per cent between 1990 and 2021, while growing the economy by 65 per cent over the same period;
• Having 41.5 per cent of the UK’s electricity come from renewable sources in 2022 – up from 6.7 per cent in 2010; and
• Leading the world in the response to Putin’s illegal invasion of Ukraine and driving Russia out of our energy market for good – enabling the UK to go over a year without Russian oil or gas.