Britain has urged major economies to move faster on renewable and nuclear energy as global oil disruptions expose the risks of relying heavily on fossil fuels.

Speaking ahead of a recent meeting of the Group of Seven in France, UK Chancellor Rachel Reeves called on member nations to work together to reduce exposure to unstable oil and gas markets. She said countries that remain dependent on fossil fuels are more vulnerable to price shocks that affect households and businesses.

Reeves attended the meeting alongside Energy Secretary Ed Miliband, who has been a strong advocate for expanding Britain’s renewable energy capacity.

The call comes as tensions linked to Iran and the near-closure of the Strait of Hormuz disrupt global oil trade, highlighting how concentrated fossil fuel supply routes can threaten energy security worldwide.

Reeves defended the Labour government’s decision to stop issuing new oil and gas licences in the North Sea since taking office in 2024. She argued that expanding drilling would not shield the UK from global energy shocks or significantly lower energy bills.

Recent findings from energy consultancy Voar and campaign group Uplift suggest that many North Sea licences approved between 2010 and 2024 have so far delivered limited additional gas supply, raising questions about the effectiveness of expanding drilling as a long-term solution.

The International Energy Agency has also encouraged countries to accelerate renewable energy development and strengthen domestic energy supply chains. Its Executive Director, Fatih Birol, noted that the current crisis could push governments to invest more in homegrown energy sources.