Latest News

UK signs $10 billion clean energy investment agreement with Japan's Sumitomo Corp

The British government announced on Wednesday that it had reached an agreement with Japan's Sumitomo Corp to fund clean energy infrastructure, such as offshore wind projects and hydrogen, over the next ten years.

Poppy Gustafsson, the Investment Minister announced the deal on a visit to Japan. She described Japan as a major trading partner.

Gustafsson stated that Sumitomo had historically been a major investor in UK energy project and the new deal would "really increase the bar of ambition" for areas such as power grids or investments in wind farms.

In an interview conducted before the trip, she said: "Everything we're doing... You quickly run into supply chain constraints. And they've been great partners in helping to unlock those constraints."

There are real examples of how this capital is being used to support and build real projects.

The Labour government is prioritising private sector support to help fund planned energy investments. Prime Minister Keir starmer wants to achieve net zero and boost Britain's anaemic economic growth.

The announcement by Donald Trump of tariffs has complicated the situation. Britain has reached a deal with the United States to eliminate certain tariffs.

Japan to face new tariffs

Gustafsson stated that the international trading environment is now "front-of-mind" when making investment decisions.

She said that Britain should be a "central hub for discussions" in an environment that is fragmented.

(source: Reuters)