Prime Minister Keir Starmer has unveiled a £300 million Supply Chains Investment Fund for offshore wind projects and a £2 billion carbon capture deal with ENI at the IEA Future of Energy Security summit, aiming to transition the UK towards homegrown clean energy, reduce reliance on volatile fossil fuel markets, and create skilled jobs.
Transforming the UK’s Energy Landscape
The UK is making significant strides in its energy policy with Prime Minister Keir Starmer’s recent announcement of a £300 million Supply Chains Investment Fund dedicated to offshore wind projects.
This initiative is part of a broader strategy to transition towards homegrown clean energy sources, reducing dependency on unpredictable fossil fuel markets.
The move is expected to create thousands of skilled jobs and position the UK as a global leader in clean power by 2030.
Economic Opportunities and Job Creation
The Hynet carbon capture project is set to generate 2,000 jobs in North Wales and the North West, showcasing the potential for economic revitalization through green initiatives.
Since July 2024, an impressive £43 billion in private funding has been secured for net-zero sectors, highlighting investor confidence in the UK’s commitment to sustainable development.
Policy Shifts and Global Collaboration
- The scrapping of onshore wind bans accelerates planning for clean energy projects.
- A supply chain initiative under the Global Clean Power Alliance diversifies clean energy resources.
- Collaboration with President von der Leyen strengthens UK-EU energy partnerships against Russian energy coercion.
Public and Historical Context
This shift towards renewable energy not only promises long-term reductions in household bills through stable energy prices but also marks a reversal from previous delays under Rishi Sunak’s administration.
The Institute for Government had warned that delayed climate policies could lead to higher long-term costs, making this policy shift crucial for future economic stability.
Full PM’s Speech
“Good afternoon, everyone – it’s really fantastic to see so many people here, in London, welcome to London, I’m so pleased we have got so many representatives from so many places and in a sense we’re here today for one simple reason:
Because the world has changed.
From defence and national security on the one hand, much discussed in recent months…
To the economy and trade…
Old assumptions have fallen away.
We are living through an era of global instability…
Which is felt by working people as an age of local insecurity.
Factory workers, builders, carers, nurses, teachers…
Working harder and harder for the pound in their pocket…
But feeling at the same time that they have less control of their lives.
*
And energy security is right at the heart of this.
Every family and business across the UK…
Has paid the price for Russia weaponizing energy. And it has.
But it’s not just that.
*
Let’s be frank.
When it comes to energy…
We’re also paying the price for our over-exposure…
Over many years…
To the rollercoaster of international fossil fuel markets.
Leaving the economy – and therefore people’s household budgets…
Vulnerable to the whims of dictators like Putin…
To price spikes…
And to volatility that is beyond our control.
Since the 1970s, half of the UK’s recessions have been caused by fossil fuel shocks.
That’s true for many of the other nations represented here this afternoon.
So what’s different today is not the information we have.
It’s not our awareness of the problem.
No.
What’s different now…
Is our determination…
In a more uncertain world…
To fix it.
It’s our determination that working people…
Should not be exposed like this anymore.
*
So, to the British people, I say:
This government will not sit back…
We will step up.
We will make energy a source…
Not of vulnerability, but of strength.
We will protect our critical infrastructure, energy networks and supply chains…
And do whatever it takes…
To protect the security of our people.
Because this is the crucial point –
Energy security is national security…
And it is therefore a fundamental duty of government.
And I’m very clear –
We can’t deliver that by defending the status quo…
Or trying to turn the clock back…
To a world that no longer exists.
*
Of course, fossil fuels will be part of our energy mix for decades to come.
But winning the fight for energy security depends on renewal –
It depends on change…
It depends on cooperation with others.
And that’s why we’re all here today – so many countries, so many communities represented.
*
The IEA was founded in 1974,
In the midst of an energy crisis,
To help us work together to secure energy supplies…
And reduce future energy shocks.
Well, that has taken on a new urgency today.
So our task is clear –
To act – together…
To seize the opportunity of the clean energy transition.
Because homegrown clean energy…
Is the only way…
To take back control of our energy system…
Deliver energy security…
And bring down bills for the long term.
*
And I want to tell you –
That is in the DNA of my government.
When we came into office last year…
We knew there was no time to waste.
So in our first 100 days…
We launched Great British Energy –
As a national champion to drive investment and transform clean power.
We scrapped the ban on onshore wind…
And became the first G7 economy to phase out coal power.
While we won’t turn off the taps…
We’re going all out –
Through our Plan for Change…
To make Britain a clean energy superpower…
To secure home grown energy…
And set a path to achieving clean power by 2030.
*
Now, I know, some in the UK don’t agree with that.
They think energy security can wait.
They think tackling climate change can wait.
But do they also think that billpayers can wait too?
Do they think economic growth can wait?
Do they think we can win the race for green jobs and investment by going slow?
That would serve no one.
Instead, this government is acting now…
With a muscular industrial policy –
To seize these opportunities…
To boost investment…
Build new industries…
Drive UK competitiveness…
And unlock export opportunities –
In wind, nuclear, hydrogen, carbon capture, heat pumps and so much more.
That is the change we need.
We won’t wait –
We’ll accelerate.
*
Because we’re already seeing the benefits.
The UK’s net zero sectors are growing three times faster than the economy as a whole.
They have attracted £43 billion of private investment since last July.
And now they support around 600,000 jobs across the UK.
That means more opportunities…
And more money in people’s pockets.
And we’re going further.
We’ve stripped out unnecessary red tape…
To put Britain back in the global race for nuclear energy…
And allow for Small Modular Reactors for the first time.
We’re speeding up planning for clean energy projects –
Including onshore wind…
To power millions of homes and unlock further investment of £40 billion each year.
*
It’s really clear to me –
That investors want policy certainty.
They want ambition.
That is what we’re providing.
And now we are raising our ambition even further.
I am really pleased to announce today…
That we’re creating a new Supply Chains Investment Fund –
As part of Great British Energy.
It will be backed by an initial £300 million of new funding…
For domestic offshore wind…
Leveraging billions of new private investment…
Supporting tens of thousands of jobs…
And driving economic growth.
When companies are looking to invest in clean energy…
When partners are looking to build new turbines, blades or cables…
Our message is simple:
Build it in Britain.
I am determined to seize this opportunity –
To win our share of this trillion-dollar market…
And secure the next generation of great jobs.
I’ve met apprentices at the docks in Grimsby – fantastic individuals…
I’ve been to Holyhead in Wales…
And the National Nuclear Laboratory in Preston…
And I’ve seen the brilliant clean power infrastructure that we are building in this country.
But more than that…
I’ve seen the pride that these jobs bring.
This is skilled, well-paid work…
Meaningful work –
A chance to reignite our industrial heartlands…
To rekindle the sense of community pride and purpose…
That comes from being part of something that is bigger than yourself.
And so I’m pleased to tell you…
That I can share some more good news this afternoon.
Earlier today, we finalised a deal with ENI.
It will see them award £2 billion in supply chain contracts…
For the Hynet Carbon Capture and Storage project…
Creating 2,000 jobs, across North Wales and the North West.
I want to thank all those here today who are part of this success story.
Because it is all built on stability, yes…
But our ruthless focus on delivery…
But it is also built on partnership.
*
So let me say –
It is a real pleasure today to welcome my friend –
President von der Leyen.
Ursula – it is so good to have you with us this afternoon. Last time we were in this building, Ursula and I stood together with other colleagues here at Lancaster House, that was just last month, six weeks ago…
Standing shoulder-to-shoulder with President Zelenskyy…
Working together for European security.
Today we stand, again together with Fatih and others and the IEA…
United behind European energy security.
Europe must never again be in a position where Russia thinks they can blackmail us on energy.
And until Russia comes to the table and agrees a full and unconditional ceasefire…
We must continue to crack down on their energy revenues which are still fuelling Putin’s war chest.
This is the moment to act.
And it is the moment to build a partnership with the EU that meets the needs of our time –
Facing up to the global shocks of recent years…
And working together to minimise the impact on hard-working people.
So we’re doing more with the EU to improve our interconnections…
And make the most of our shared energy systems…
As well as building on the fantastic partnerships that we already have…
With countries like the Netherlands, Germany, Norway and so many others.
We have a common and important resource in the North Sea…
Which can help us meet common challenges –
To me, this is just common sense.
So let’s seize this potential…
To drive down bills…
And drive up investment, growth and energy security.
I was elected with a mandate to deliver change.
So I make no apologies for pursuing every avenue…
To deliver in the national interest and secure Britain’s future.
That is always my priority.
And of course this has to be a global effort as well.
We need to see a wider coalition…
That unites the north and south…
In a global drive for clean power.
That’s why I launched the Global Clean Power Alliance at the G20 last year…
Working alongside the EU’s Global Energy Transitions Forum.
And that’s why we’re joining forces to take this forward.
We want to tackle the barriers and bottlenecks that are holding countries back.
So I am pleased to announce today…
That, under the Global Clean Power Alliance…
We are establishing a first-of-its-kind global initiative…
To unblock and diversify clean energy supply chains.
We are harnessing the political leadership needed to make this happen.
Because, ultimately…
That is what this is about:
Leadership.
In this moment of instability and uncertainty…
Where we are buffeted by global forces…
We are taking control.
We are working together with partners from around the world…
With the IEA and all of you here today…
To accelerate this vital global transition.
And in the UK…
We are stepping up now…
To make energy a source…
Not of vulnerability, and worry…
Which it is at the moment and it has been for so long…
But a source of strength, of security and pride.
With British energy, powering British homes, creating British jobs –
A collective effort, to boost our collective security…
For generations to come.
Thank you very much.
*
And now it is my very great pleasure and privilege to introduce…
President von der Leyen, my friend Ursula, thank you very much for being here. Ursula, the stage is yours.”
Additional Reading
Food for Thought
The UK’s bold steps toward renewable energy reflect a strategic pivot aimed at securing economic stability while addressing climate change.
As these initiatives unfold, they promise not only environmental benefits but also significant economic opportunities across various regions. The success of these efforts will depend on effective implementation and sustained public support.
Discover more of Todays Top Breaking News Stories!
Sources: UK Government, Institute for Government, Carbon Brief, Prime Minister’s Office, 10 Downing Street, Department for Energy Security and Net Zero and The Rt Hon Sir Keir Starmer KCB KC MP.
Prepared by Ivan Alexander Golden, Founder of THX News™, an independent news organization delivering timely insights from global official sources. Combines AI-analyzed research with human-edited accuracy and context.
