Energy Security – The Weaponisation Of Energy And Resources

On 11 November 2025, HSF Kramer and CIBC hosted a roundtable discussion on energy security – the weaponisation of energy and resources.

The roundtable was chaired by Sarah Pollock (HSF Kramer), with insights from Lisa Raitt, Gayatri Desai and Robert Todd (CIBC) and Charlotte Whight and Silke Goldberg (HSF Kramer), and a lively discussion amongst roundtable participants.

Key themes of the discussion included:

• Energy as a strategic lever - The use of energy and resources as geopolitical tools is increasing, with many countries recognising energy's growing role in international relations and broader economic strategy.
• Beyond physical availability - delivery is critical - Ensuring energy security is not just about having resources, but about the ability to deliver them reliably where and when needed. The grid has become a critical bottleneck, with significant investment and further interconnection required across Europe.
• Execution deficit - supply chain bottlenecks - The next 3–5 years will see major challenges in scaling up supply and construction capabilities in the UK to enable the necessary energy projects to be delivered. There are critical dependencies on countries like China for batteries and solar panels, and shortages in gas turbines and cabling, which together form key energy security risks. Note the UK Government is encouraging Chinese groups to invest into the UK following a recent delegation to China led by Ed Miliband e.g. MingYang's recent announcement to establish a wind turbine assembly facility at Ardersier / Haventus Port in Scotland to support development of floating offshore wind. Friendshoring will always be an important element in energy security but reducing dependencies through investment in skills, jobs, industries and ecosystems that support resilient growth is essential.
• Intersecting risks - policy coordination and government engagement - There is a pressing need for joined-up thinking between different government policies to ensure the necessary support is available for critical energy security investments (e.g. lithium refinery support in the UK) and for earlier, more effective engagement by government with industry on supply chain issues. Governments which undertake long-term strategic planning will be able to better plan for future energy needs and put in place more robust foundations for achieving energy security so we may see more countries putting in place long-term steering mechanisms. How can we better promote multi-generational decision making versus usual parliamentary cycles today?
• AI-race - data centres and digital infrastructure risks and opportunities - The rapid growth of AI and data centres poses both opportunities and risks, driving political change and investment in the grid in some regions but with a significant risk of cybersecurity breaches and the potential relocation of hyperscalers to regions where faster and easier project development is possible if the investment conditions and availability of power in the UK, Europe and the US don't improve. For the UK, such a move would result in a lost investment opportunity, as well as increased concerns about data security when processing occurs outside the UK. Energy costs are imperative to deliver economic locations to build new data centres – today the UK is too expensive relative to other geographies to present a compelling case.
• Rebrand - Clean energy messaging - The messaging around clean power and net zero should highlight its importance for resilient prosperity in the pursuit of energy security, including affordability. There should be better recognition that achieving energy security in any form (not just clean power) comes with significant costs, but the cost of inaction is even greater. We are hearing a shift in client phraseology from 'energy transition' to 'energy evolution'. Costs also need to be evaluated from a system perspective rather than project level.
• Clean energy investment challenges – It is currently difficult to seek to wholly rely on clean energy to achieve energy security. Supply chain obstacles, increased costs and delays are causing some investors to move away from clean energy projects to projects with better returns.
• New forms of investment - Energy security should be seen as an opportunity as well as a threat. Given the increasing demand for power and the need for more of everything, new ways of delivering energy infrastructure need to be explored. This could involve taking a less regulated approach to the delivery of some energy assets, partnering with hyperscalers as a potential funding source and continued development of government business models to support first of a kind projects. Recognising the capital-intensive nature of commercialising new energy technologies plus noting that investment capital flows are global to find the optimal risk / return balance.
• Diversification, collaboration, and global relations - It is not possible to achieve an energy secure state that is completely independent from other states; so the ambition should be for states to develop strong international relations and diversified supply chains with carefully chosen allies and have a balanced energy system which is not overly reliant on a single relationship.

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