A new energy alliance between the UK, US, Canada, Japan and France has the potential to speed up investment in the renewables sector, a UK government minister has said.
Speaking at the G7 Energy Ministers’ Meeting in Sapporo, Britain's Energy Security Secretary Grant Shapps said the new alliance will encourage investors to look at cleaner, cheaper and more secure renewable energy sources.
He stressed such investments will be a key part of making the UK energy independent.
Moreover, Shapps stressed the new pact will create investment opportunities for British companies in the US, Canada, Japan and France.
"In flying the flag for UK PLC, I want to be crystal clear that the expertise we have from having the four biggest wind farms off our shores is available to support countries looking to invest in their supplies – something that will benefit them, create green jobs and opportunities at home and boost energy security around the world."
He added: "Other countries can reap the benefits of the UK’s action in renewable technologies, hiring UK firms to support their efforts."
This would also create even more green jobs and economic opportunities at home and put the country in prime position to make the most of CPTPP membership.
At the summit, all nations also agreed to accelerating the phase-out of unabated fossil fuels – with a particular focus on coal, by agreeing to work together to stop new unabated coal plants being constructed – a G7 first.
Shapps claimed the UK has cut emissions faster than any other G7 country – and last year were ranked alongside the US as one of the top four most attractive markets for renewable energy investment.
Nearly 40 per cent of the UK’s power was generated from renewable sources last year.
Alliance
The new alliance - between the UK, US, Canada, Japan and France - is aimed at displacing Russia from the international nuclear energy market and was announced in Sapporo, Japan, last night.
The five nations will leverage the respective resources and capabilities of each country’s civil nuclear power sectors to undermine Russia’s grip on supply chains, the countries explained in a statement.
"This agreement will support the stable supply of fuels for the needs of today, as well as guarantee the safe and secure development and deployment of fuels for the advanced reactors of tomorrow," they said.
This agreement will be used as the basis for pushing Russian President Vladimir Putin out of the nuclear fuel market entirely, and doing so as quickly as possible, to cut off another means for him to fund his barbaric attack on Ukraine and fundamentally leave Russia out in the cold.
Nuclear energy
The agreement will also strengthen our respective nuclear energy sectors, which is key to boosting our domestic energy security and bringing down electricity bills for British families.
Nuclear fuel is needed to operate nuclear power stations, that provide around 15% of the UK’s electricity supply with an aim for it to make up 25% of our electricity supply by 2050.
Speaking at the G7 Energy Ministers’ Meeting in Sapporo, Shapps said: “We must stop being reliant on expensive and imported fossil fuels and focus on smarter energy solutions. The UK is already a world-leader when it comes to renewables, a fact recognised by the investors I have met in Republic of Korea and Japan this week.
“In flying the flag for UK PLC, I want to be crystal clear that the expertise we have from having the four biggest wind farms off our shores is available to support countries looking to invest in their supplies – something that will benefit them, create green jobs and opportunities at home and boost energy security around the world.
“And I want us to work ever-closer together with countries like Republic of Korea and Japan as we invest more in nuclear technologies like Sizewell and Small Modular Reactors, opening up opportunities to invest in the UK and with it, the job opportunities in our local communities.”
The UK is already taking proactive steps in this space, including through the Nuclear Fuel Fund which launched in January.
It said it will provide up to £75 million to ensure the UK has the fuel production capabilities needed to support a nuclear renaissance, backing the government’s ambition to secure up to 24GW of nuclear power by 2050.
"The UK has many decades of expertise in nuclear fuel production, which plays a vital role in supporting the energy security of the UK fleet and those of international partners," the UK government statement read.
