UK summit: diverse low carbon solutions will be key drivers of global energy security

There’s no global security without energy security in a rapidly evolving and uncertain world, and governments and the energy community need to work together on low carbon solutions across oil and gas, and boost supplies of critical minerals to urgently diversify the energy mix of the future.

That was among the key takeaways from the opening welcome and plenaries at the international Summit on the Future of Energy Security in London on Thursday, co-chaired by UK Secretary of State for Energy Security and Net Zero Ed Miliband and IEA Executive Director Fatih Birol, where more than 120 Ministers, energy leaders, and heads of international institutions have gathered to discuss a more holistic approach to energy security.

While each country will pursue its own energy pathway and abide by its national interest in securing energy supplies, low carbon power from across energy sources could lay the foundation for global energy security, Secretary Miliband said in his opening remarks.  

“Oil and gas, including from our North Sea, will continue to play an important role in our energy system, and we really value our industry and the jobs it supports… Our vision of low carbon power goes well beyond the climate imperative — important as that is.

Homegrown low carbon power is our nationally chosen route to energy security.  Solar power, wind power, tidal, geothermal, nuclear power – also an essential part of the low carbon opportunity,” he said.

“And I believe this isn’t just true for the UK – alongside a continuing important role for oil and gas, low carbon energy can play a critical role in delivering energy security for many countries around the world,” Secretary Miliband said.

With oil and gas remaining “as part of the energy mix for years to come,” global powers must work together to uphold the supply security of hydrocarbons as well as tackle the energy security risks associated with the concentration of critical minerals in a few countries, said Dr Birol. “Energy is the foundation of modern life,” he said. “But without energy security, there can be no economic stability, energy poverty will remain unsolved, and we will not be able to meet our sustainability goals.”

He cited examples of how IEA member countries agreed to release emergency stocks from their petroleum reserves to boost supply security and avoid major disruption during the onset of the war in Ukraine.

With the global energy landscape undergoing rapid transformation, ministers speaking at the plenary sessions of the summit highlighted the need to make energy systems more resilient and collaborate across borders, sectors and institutionsto strengthen energy investments and efficiency.

Addressing the summit, His Excellency Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, spoke about the six priority areas for the government to transform the energy sector and prevent future energy shocks. These include boostinginfrastructure across sectors and fully utliising it for Egypt and the region, leveraging the inflow of gas and crude, amplifying the contribution of Egypt’s minerals and mining sector to 5-6% of the GDP, diversifying the future energy mix to achieve the goal of 42% of renewables by 2030 with a focus on hydrogen and green ammonia, and spearheading regional collaborationsuch as with Cyprus, the Kingdom of Saudi Arabia, and Italy, to strengthen energy security.

Underscoring the importance of oil and gas security, Tommy Joyce, US Acting Assistant Secretary of Energy for International Affairs, told delegates that they should be “honest about the world’s growing energy needs, not focused on net-zero politics.”

UK Prime Minister Sir Keir Starmer and European Commission President Ursula von der Leyen are also addressing the summit. Convened by the IEA in partnership with the UK government, the two-day summit represents a broad spectrum of perspectives and priorities – including major energy importers and exporters, and countries facing challenges in terms of energy access, affordability and climate resilience.