JAKARTA - The British government is encouraging G7 countries to accelerate the transition to clean energy amid the energy price turmoil caused by the Strait of Hormuz blockade. The Guardian quoted Monday, March 30, reported that British Finance Minister Rachel Reeves will bring the message to the G7 finance and energy ministers meeting on Monday.
Reeves considers renewable energy and nuclear to be the most sensible way to protect the economy from global oil and gas price shocks. This attitude is also an open rejection of the Conservative and Reform Party's insistence that Britain reopen new oil and gas permits.
"As we move faster on renewables and nuclear, our partners in the G7 must do the same," Reeves told The Guardian. According to Reeves, continuing to rely on world oil and gas prices will only make countries vulnerable.
As reported by The Guardian, Reeves will also push for an acceleration of investment in renewable energy and nuclear to reduce dependence on gas-based power plants. The British government is also said to want to accelerate the implementation of this year's Fingleton review to accelerate the construction of new nuclear power plants.
At the same time, Prime Minister Keir Starmer will hold an emergency meeting at Downing Street with Shell, BP, Centrica, Equinor, Lloyd's of London, Maersk, CMA, HSBC, and Goldman Sachs executives. The focus is on devising emergency measures to deal with the ongoing crisis due to the blockade of the Strait of Hormuz.
According to the British PM's office, the meeting was aimed at preparing short-term and long-term steps amid Iran's threat to assert its sovereignty over the Strait of Hormuz, including the possibility of charging ships that pass through if the route is reopened.
Reeves also rejected the Conservative Party's call for new oil and gas permits in the North Sea to be issued again. According to him, this step will not reduce the energy bill of British citizens. "The only long-term way to reduce the bill is clean energy produced domestically that reduces our dependence on global gas market turmoil," he said.
Meanwhile, Conservative leader Kemi Badenoch actually asked the government to remove the VAT on energy bills, increase drilling in the North Sea, dissolve GB Energy, and remove a number of green energy subsidies. However, The Guardian said, Badenoch himself admitted in a BBC program that additional drilling would not immediately reduce household energy bills.
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