The International Trade Council (ITC) welcomes the announcement of a new energy partnership between the United States and the United Kingdom aimed at enhancing energy security and affordability. The partnership, titled the U.K.-U.S. Energy Security and Affordability Partnership, comes as a response to Russia's invasion of Ukraine and the need to reduce global dependence on Russian energy exports.
Under the agreement, the United States commits to significantly increase its exports of liquefied natural gas (LNG) to Britain, with a projected export volume of 9 billion to 10 billion cubic meters over the next year. This increase in LNG exports will play a crucial role in replenishing gas storage and stabilizing Western energy markets. The ITC recognizes the importance of such efforts to ensure resilient international energy systems and reduce reliance on a single energy source.
Collaboration on energy efficiency, nuclear power, renewables, and the development of clean hydrogen derived from natural gas and renewable sources are key aspects of the partnership. By promoting sustainable energy alternatives and supporting the diversification of energy sources, the U.S. and U.K. aim to achieve long-term energy security and affordability.
The ITC commends the commitment of the U.S. and U.K. governments to intensify collaboration in supporting international energy security and sustainability. As Europe reduces its dependence on Russian energy, it is imperative for allied countries to work together and promote global energy stability in alignment with shared values.
The ITC remains steadfast in its dedication to fostering responsible and sustainable trade practices. We encourage all nations to prioritize collaboration, transparency, and adherence to international norms and agreements in their energy partnerships. By working collectively, we can mitigate the impact of global energy crises and build a more resilient and sustainable energy future.