Energy security secretary Grant Shapps is meeting with industry leaders to discuss the government’s energy security and business plans to invest over £100 billion, including to accelerate renewables.
Discussions will also include new powers to maintain energy supply and protect critical energy infrastructure from protest groups.
EDF, SSE, Shell and BP collectively have multi-billion-pound plans to invest in low and zero-carbon projects to support the UK have the lowest wholesale electricity prices in Europe by 2035.
Projects include a £20-25 billion investment from Shell to create low and zero-carbon products and services. BP also intends to invest £18 billion to the end of 2030.
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Shapps will also discuss progress on major UK energy investment projects across renewable projects, oil and gas, new nuclear, and new technologies such as carbon capture.
Shapps said energy industry leaders can see that the “government will back home-grown, 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 many are questioning whether clean energy investors want to put money into the UK, especially over prime minister Rishi Sunak’s plans for more than a hundred North Sea oil and gas licenses.
UK Sustainable Investment and Finance Association (UKSIF) chief executive James Alexander said the decision to back the North Sea “sends entirely the wrong signals to investors on the credibility of the UK’s plans to reduce carbon emissions.”
Ashden’s chief executive Ashok Sinha also stressed that UK policy is “going backwards”, especially at a time when “the US and EU are ramping up their investment in the green economy, creating new jobs and attracting inward investment.”
Shapps will also discuss plans to protect energy infrastructure from protest groups, including a Public Order Act — which has been criticised on a national and international level, outside of environmental activists —and working with the police to ensure protestors cannot gain unauthorised access to sites.
