- Prime Minister and President Biden create new high-level bilateral group to give attention to power safety, effectivity and affordability
- The corporate will present extra high-level political assist for our accelerated power transitions and Internet Zero commitments
- Over the approaching yr, the US goals to greater than double the quantity of gasoline exported to the UK in 2021 to safe provide and cut back value volatility
The UK and the US will work collectively to extend power safety and decrease costs, in an initiative introduced by the Prime Minister and US President Biden as we speak (7 December).
Below the brand new “British-American Partnership on Vitality Safety and Affordability”, the UK and the US will lead work to cut back international dependence on Russian power exports, stabilize markets power and intensify collaboration on power effectivity, nuclear and renewable energies. The initiative will probably be spearheaded by a brand new joint UK-US motion group, led by senior UK authorities and White Home officers.
This new partnership follows the Prime Minister and President Biden’s assembly on the G20 Summit in Indonesia, the place they agreed to advance work to satisfy our near-term power wants and lead efforts to speed up our transition. power.
Putin’s struggle in Ukraine has brought on a world spike in power costs. To assist address the ensuing rise in the price of dwelling, the group will be sure that the market offers sustained will increase within the provide of liquefied pure gasoline (LNG) to UK terminals from the US and collaborate on power effectivity measures.
As a part of this, the US will try to export a minimum of 9-10 billion cubic meters of LNG over the subsequent yr via UK terminals, doubling the extent exported in 2021 and capitalizing on key infrastructure import from UK. This will probably be good for UK and EU companions as we plan to replenish gasoline storage subsequent yr. To realize this widespread purpose, each governments will work to proactively determine and resolve any points dealing with exporters and importers.
The group may even work to cut back international dependence on Russian power by main efforts to extend power effectivity and supporting the transition to wash power, accelerating the event of unpolluted hydrogen in on a world scale and by selling civil nuclear energy as a secure use of power.
The Prime Minister stated:
Collectively, the UK and the US will be sure that the worldwide value of power and the safety of our nationwide provide can by no means once more be manipulated by the whims of a failed regime.
Now we have the pure sources, the trade, and the revolutionary considering we have to create a greater, freer system and speed up the transition to wash power. This partnership will deliver down costs for UK shoppers and assist finish Europe’s dependence on Russian power as soon as and for all.
The partnership will construct on the work of the UK and US Strategic Vitality Dialogue led by Vitality Ministers, with a give attention to gasoline provide, power effectivity, civilian nuclear and clear power.
With regard to civil nuclear energy, the partnership will promote nuclear power as a secure and dependable a part of the transition to wash power. This contains deepening international collaboration on nuclear fuels and superior nuclear applied sciences.
The partnership may even enhance worldwide funding in clear power applied sciences, from offshore wind to carbon seize. This may complement the work the UK and US are doing with G7 companions to assist using clear and sustainable power in growing nations via the Simply Vitality Transition Partnerships.
Together with strengthening the safety of power provide, the group will alternate greatest practices and work on measures to extend power effectivity and cut back gasoline demand. It’s already estimated that there may very well be an 8% discount in gasoline demand within the UK this winter. The joint motion group will discover coverage options to enhance this effectivity, constructing on UK authorities initiatives such because the Assist to Warmth scheme.
The initiative will pursue revolutionary power options, reminiscent of decarbonizing the aerospace trade and growing sustainable aviation gas applied sciences, collaborative efforts on electrical autos and sensible power units.
We may even proceed our shut collaboration on carbon seize, use and storage and advance the Clear Hydrogen mission. The UK and the US are already co-leaders of the Hydrogen Breakthrough Agenda, a flagship initiative to advance clear hydrogen internationally.
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