EIC Welcomes New Government and Looks Forward to Collaboration on Energy Policy
The Energy Industries Council (EIC) has unveiled a new policy manifesto calling for a unified energy policy, clear project pipelines, enhanced international trade support, and integrated supply chain to drive the UK's energy transition.
London, 11 July 2024 – The Energy Industries Council (EIC) warmly welcomes the new government and looks forward to a productive collaboration in the coming months and years to ensure that the needs of the UK supply chain are prioritised in energy policy decisions.
Stuart Broadley, CEO of the EIC, commented, "We look forward to working with the new government to address the critical issues detailed in our policy manifesto which we’re releasing today. The importance of fully integrating the needs of the energy supply chain, which plays an extremely vital role in the UK economy, into energy policy decisions is critical. Our policy document outlines the steps needed to create an environment where innovation can flourish, allowing the UK to lead the global energy transition. By working closely with the government, we aim to ensure that our combined efforts drive the country towards achieving its net zero targets while maintaining a competitive edge on the world stage."
The new manifesto from the EIC, the UK's largest energy trade association and one of the world’s biggest, underscores the necessity of a unified energy strategy to meet the nation's net zero goals.
The manifesto offers several recommendations designed to accelerate the UK's energy transition and strengthen its position in the global market. The document is based on extensive data from the EIC, including thorough analyses of energy projects and supply chain capabilities nationwide. It also incorporates insights from numerous industry reports and interviews with energy sector leaders.
Broadley stated that an integrated energy policy is “an imperative for the UK,” warning that “we still lack the complete skill set and knowledge base required to effectively implement new technologies in the energy sector. There’s an urgent need for a unified strategy that leverages expertise from all areas. By harnessing our existing strengths, we can encourage innovation and speed up our journey towards net zero. This approach is crucial not only for our environmental targets but also for maintaining the UK's competitiveness on the global stage.”
Rebecca Groundwater, Head of External Affairs at the EIC, commented, “Policymakers must ensure that all relevant groups and stakeholders are involved at the appropriate stages. The current fragmented system hinders the supply chain's ability to deliver and expand. Our recommendations aim to streamline processes and create a favourable environment for investment and innovation.”
The manifesto advocates for a comprehensive strategy that acknowledges the interconnectedness of various energy sectors. Groundwater pointed out, "UK policies should avoid fostering isolated supply chains which are ultimately counterproductive. You can’t, for example, have a supply chain for oil and gas and another for cleantech. It doesn’t work that way because we have one supply chain that covers the entire industry."
To facilitate a smooth transition to renewable energy, the EIC highlights the need for clear and consistent project pipelines and investment timelines. Groundwater said, "Businesses require certainty over a five-year (or longer) rolling period to secure shareholder approval for investment." The manifesto proposes developing a detailed energy roadmap that specifies timelines for various projects across different technologies and regions.
The manifesto also calls on the government to reassess and enhance support for the UK's energy sector in international markets. Broadley said, "The UK must improve its ability to access more markets, particularly within the energy sector." This includes boosting support in foreign markets and reevaluating the offerings of UK Export Finance (UKEF) to ensure they meet the supply chain's needs.
To read the full manifesto, please visit: https://www.the-eic.com
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Notes to editors:
The EIC is an award-winning global trade association for the energy supply chain with a worldwide membership of over 900 companies covering all energy sectors. Established in 1943, EIC advocates for its members by working closely with governments and key stakeholders. We work on behalf of our members across governments and agencies to reflect their needs and raise the voice of the supply chain globally. Our expert analysts and consultants produce insightful reports and bespoke market intelligence. In recognition of our commitment to excellence, the EIC was honoured to receive the prestigious King's Award for Enterprise in 2023.