Why the British are relying on the Americans to fund their green revolution

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The UK is seeking funds to finance its green revolution. A major conference of foreign investors is scheduled today in London to finance the energy transition.

Large foreign public and private funds are invited to discover the most effective British innovations for decarbonizing the economy. A great raout on the model of Choose France of President Macron. The hosts of the French president were entitled to the gold of Versailles, those of Boris Johnson are invited this Tuesday evening to a dinner with the Queen of England. Beforehand, they will discover, among other things, the Rolls Royce mini nuclear power plant project, or the double-deck hydrogen bus, already in circulation in the oil town of Aberdeen, in Scotland. Fifteen days before the opening of Cop 26, Boris Johnson would like to present his country as a model of energy transition, but above all he urgently needs to find funding to make these advances a reality.

UK must find € 50 billion by 2030 to finance transition

Since November it has raised around 9 billion euros. An honorable result but we must now step up the pace to keep the promises: the elimination of carbon emissions by 2050. The British wanted to have reduced 78% of emissions by 2035, at the current rate, only a fifth of this goal will be achieved. Among the findings that the United Kingdom is proud of for this green revolution, some projects have been developed with European funds. This is the case with the super tidal turbine from the start-up Orbital. It uses the force of the tide to generate electricity. Now that the subsidies from Brussels have evaporated, the Prime Minister is seeking to attract new partners, well beyond the seas and European borders.

Boris Johnson is counting in particular on sovereign wealth funds from oil countries to finance this green revolution

Among the Gulf funds ,. Mubadala, the United Arab Emirates fund, has already pledged 12 billion euros. London now hopes to win over the Saudis. To coax them, the government lobbied amicably to facilitate the sale of NewCastle football club to PIF, the public investment fund of the petromonarchy. The participation of these sovereign wealth funds, or even that of Singapore, is crucial to broaden the horizon of the British because the Global Britain sold by Boris Johnson before Brexit now appears quite chimerical. China, for example, will be very little represented at this summit. No contract will be announced with this country which has become undesirable across the Channel. There is no longer any question of letting the Chinese build and finance new nuclear power plants or the 5G network.

The American ally took precedence over the privileged relationship that the United Kingdom wanted to develop with China?

Boris Johnson had nice declared yesterday Monday to our colleagues at Bloomberg that Chinese investments are always welcome, but henceforth limited to non-strategic activities. It struggles to convince since it has not defined what this name covers. In fact, Chinese investments across the Channel have fallen sharply since Huawei was excluded from 5G under American pressure. And the recent Aukus agreement with Australia and the United States is clearly seen as an alignment of the British with American interests. Today in London a third of the 200 invited guests arrive from the United States. Starring Bill Gates, executives of BlackRock, BlackStone, and of course big American banks like Goldman Sachs and JP Morgan.

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