The Chancellor is to urge partners to act now to boost energy
supply and lock in long-term energy security, when she meets G7
Finance Ministers, Energy Ministers and Central Bank Governors
with the Energy Secretary on Monday.
will argue that the only way
to bring bills down for good is clean, homegrown power that
reduces exposure to volatile global gas markets.
She will encourage the G7 to follow the UK's lead by accelerating
investment in renewables and nuclear to transition away from gas
power – that is how bills can be brought down for families, not
by continuing on the rollercoaster of global oil and gas prices.
She will also point to the UK Government's work to cut red tape
that holds back energy security and explore new powers to speed
up the delivery of new nuclear capacity.
In the meeting, the Chancellor is expected to stress that
stabilising energy markets and keeping critical supply chains
moving are essential to global growth. She will call for
coordinated G7 action that strengthens supply, supports
market stability, and protects the recovery.
She will also warn that sustained high energy
prices benefit Putin, and that increasing secure supply
and cutting dependence on imported fossil fuels is the way to
reduce Russia's leverage. She will underline that the G7 should
act together, not in ways that shift pressure onto partners or
weaken collective resilience.
The Chancellor will caution against unilateral measures,
including protectionism and new trade barriers, which can disrupt
supply chains and push up costs. She will argue that cooperation
is essential to keep energy and goods moving and to deliver lower
bills over time.
The Chancellor will reiterate the importance of vessel security
through the Strait of Hormuz. She will note the UK is working
with allies on a viable collective plan to restore
freedom of navigation quickly and reduce the economic
impact.
