By Susanna Twidale
LONDON (Reuters) -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 organised 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 decarbonise 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 spiralling costs amid high inflation and supply chain bottlenecks have hit the sector.
Government-backed GB Energy, established last year to drive investment in renewables, will invest in existing offshore wind component manufacturers making components like floating offshore platforms and cables.
The funding is part of the 8.3 billion pounds pledged for GB Energy over this parliament, with individual companies able to apply for grants by the end of the year.
($1 = 0.7523 pounds)
(Reporting by Susanna Twidale; Editing by Lisa Shumaker)
