“Our immediate shared goal to stabilise energy markets, reduce demand, and ensure short-term security of supply is underpinned by the longer-term objective of supporting a stable energy transition to achieving net zero emissions by 2050, which in itself will strengthen our energy security,” a White House press release said.
Both sides will explore targeted, data-driven measures that will save customers on their bills and increase efficiency without sacrificing comfort.
The United Kingdom will establish a new Energy Efficiency Taskforce to reduce the UK’s energy consumption from buildings and industry by 15 per cent by 2030 against 2021 levels.
The £1.5-billion Help to Heat programme provides energy efficiency upgrades to low-income households, and the United Kingdom has committed an additional £6 billion in energy efficiency schemes to 2028.
Meanwhile, the United States is investing more than $30 billion in energy efficiency and renewable energy solutions for low-income communities.
Both sides will work with G7 and G20 partners to drive forward a high ambition energy transition agenda, reduce the risk of future fossil fuel dependency in emerging markets and developing countries, avoid any backtracking on previous commitments, enhance and accelerate ambition toward the achievement of net-zero energy sectors, incorporate implementation of the Glasgow Climate Pact and ensure energy security in the current geopolitical context.
They will advance Just Energy Transition Partnerships (JETPs) with international partners, alongside advancing the G7 Partnership for Global Infrastructure and Investment (PGII).
The joint action group will be convened by a representative from the offices of the US President and the UK Prime Minister. It will particularly focus on intensifying further commercial and scientific ties between the two countries.
ALCHEMPro News Desk (DS)
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