UK to Inject £300 Million into Offshore Wind Supply Chain as Energy Summit Begins

Launching a significant energy security summit on Thursday, the UK Government is set to announce a £300 million investment aimed at expanding the offshore wind supply chain. Leaders like Prime Minister Keir Starmer and European Commission President Ursula von der Leyen will gather in London for the two-day conference. The conference is co-hosted with the International Energy Agency.

Since Russia attacked Ukraine in 2022 and drove energy prices worldwide up, countries all over Europe have been rethinking their dependence on Russian fossil fuels, among other fuel sources. The EU has already pledged to split with Russian energy by 2027. It is due to release a more detailed phase-out plan in weeks to come.

A Cornerstone of UK’s Energy Strategy

Britain’s energy future hinges on renewables. With a target to largely decarbonise its electricity sector by 2030, the UK is betting big on wind—offshore wind, to be exact. It currently holds the second-largest market for offshore wind capacity in the world, just behind China.

But the road hasn’t been smooth. Inflation, supply shortages, and rising costs have made it more difficult for projects to stay on track. That’s where the new investment comes in. Channelled through GB Energy—a government-backed entity launched last year—the funding will support manufacturers producing components like subsea cables and floating platforms. It’s a push to reduce dependency on foreign supply chains while accelerating green infrastructure at home.

Also read: EU Considers Easing Methane Rules for US LNG to Avoid Trade Rift

Grants Open by Year-End Under GB Energy Scheme

Part of a broader £8.3 billion allocation for GB Energy over this parliamentary term, the funding is designed to boost domestic production and improve grid reliability. Businesses can apply for support before the end of the year.

There’s no silver bullet in energy, but this move is clearly meant to keep Britain one step ahead.