REM: UK to bolster renewable energy in response to economic impact of Russia’s war in Ukraine

Later this month, UK Prime Minister Boris Johnson will unveil a British Energy Security Strategy that will promote renewable energy, nuclear and hydrogen to boost energy independence and to buffer the country from the economic impact of Russia’s Ukraine war.

“At the heart of the strategy is green energy of all kinds,” Johnson wrote in the Daily Telegraph on March 14.

Critics point out, though, that he will also call for a doubling down on North Sea oil and gas investments, also to buffer the UK against the volatility of fossil fuel prices since the war began.

The news of the new energy strategy follows Johnson announcing on March 8 that the United Kingdom will phase out imports of Russian oil and oil products by the year’s end.

The move is to deprive Russia of income but is relatively symbolic. Russia supplies around 8% of the UK's oil products and less than 5% of its gas. In contrast, Russia supplies the EU with about 27% of its oil and 40% of its gas.