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"As first a diplomat and then as a banker, I have seen at first hand the tangible benefits which have flowed from the work of The Duke of York as the UK‘s Special Representative for Trade and Investment. There are too many examples to quote them all but I recall those US firms I knew who only decided to invest in the UK after his personal intervention; or that major Korean Pension Fund which only began to do business in the City after his personal invitation to come to see what was on offer in London; or those banking licences granted to Standard Chartered and HSBC in Vietnam after he had raised the issue at the highest level on a visit to Hanoi. Much of his work is necessarily unpublicised but, in current circumstances, we are fortunate to have a Royal envoy who is knowledgeable about business and devoted to the promotion of economic prosperity in his country."

Sir Thomas Harris
Vice Chairman, Standard Chartered Capital Markets

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The Duke of York’s career

In 2001, after serving for 22 years in the Royal Navy, The Duke of York was invited to take on the role of the UK’s Special Representative for International Trade and Investment.

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View the Duke’s Naval career

Speeches

Speech at the dinner to mark the occasion of the London Energy Meeting, 18 December 2008

Your Royal Highness, Ministers, Excellencies, Ladies and Gentlemen

It is my great pleasure to welcome you to London today. We are delighted that such a distinguished group of ministers and senior officials has gathered from all over the world for tomorrow’s London Energy Meeting. The theme I understand you will be discussing: “Oil and the World Economy” could hardly be more topical. I am sure you will have an interesting and productive day.

As this evening is an informal gathering I thought I would add a little history: as The Duke of York, it is a particular pleasure to welcome you to Lancaster House, which you may not realise, was originally built and known as York House. Some of you will know in history that the houses of York and Lancaster have had a very long rivalry and the Lancastrians have won this particular round!

However, this House was built in 1825 by a previous Duke of York; the one which, according to a well-known children’s nursery rhyme, was none other than the Grand Old Duke of York, who for reasons which are no longer totally clear, but I have to say centre on the Netherlands, marched ten thousand men to the top of a hill and marched them down again.

Now in thinking about what you are going to discuss tomorrow and volatility of oil prices this year, the second stanza of the nursery rhyme seems to me to have a particular relevance:

“When they were up, they were up;
And when they were down, they were down.
But when they were only halfway up,
They were neither up nor down!”

Circumstances have, however, changed considerably since June, when Saudi Arabia took the important initiative of hosting the meeting of oil producers and consumers in Jeddah. At that time, the oil price was heading to a record high of $147 per barrel. Now the oil price has dropped to less than one third of that level.

Of course when oil prices are high, it boosts the economies of the producing countries and the profits of oil companies. And when they are low, it is consumers who, in the short-term, take comfort. But, in today’s increasingly interconnected globe, wildly volatile oil prices make planning for the medium-and long-term future very difficult, and are a serious deterrent to possible future investment, thus sowing the seeds for even greater volatility in times to come. A continual yo-yoing of prices is in no-one’s interest.

It is in this realisation that we share a common interest in tackling volatility and its causes which makes meetings such as the one which will take place tomorrow so important. An open, frank and productive dialogue between energy producers and consumers is a necessary step in creating the framework for a stable market.

A framework in which we can provide everyone – including in the least developed countries – with secure and affordable energy.

A framework in which oil producing countries and companies have the confidence to invest in future production.

A framework in which we can begin to make the necessary transitions to an economy based on low carbon emissions, for the two vital reasons of climate change and the finite nature of the natural resources of the globe.

As you have been told, I hold the responsibility as the UK’s Special Representative for International Trade and Investment, and as such I am very aware of the importance that energy companies play in the global economy. I am delighted that quite a few Chief Executives of a number of major oil and energy service companies have been able to join us not only this evening but also tomorrow.

The availability and affordability of energy is a mainstay of the world economy, and crucial for every nation’s economic growth. Energy underpins economic growth, from powering homes and businesses, to providing transport for people and products.

Perhaps more than any other sector, the energy sector illustrates the interdependence between all our economies. At the same time this generation has a particularly important responsibility to future generations: to urgently tackle the global challenges arising from climate change.

There is a key role for businesses – both state owned or private – in developing and deploying new technologies, such as carbon capture and storage and renewable energies, which will help to ensure a secure and diverse energy mix in the future. In turn, businesses need a stable investment climate, based on the recognition of the mutual interests of both producers and consumers.

Every year the UK spends around £12 billion in the North Sea developing and extracting our oil and gas reserves, which last year supplied around 70% of our energy needs.

Clearly, the investment challenge facing the global energy sector over the next few decades is immense. But it is a challenge that cannot be ducked, and one I am confident that, by working together, producers, consumers and industry can meet. So I think it is particularly timely and important therefore that Ministers and industry Executives are meeting to better understand the implications of the current financial and economic climate for future energy demand and investment. Tomorrow’s discussions will focus on a report the UK and Saudi Arabia have commissioned to look at the implications of the global economic slowdown and financial crisis on oil and gas investment. These are important issues that we need to talk collectively about to address. We need to find a pathway to a more sustainable, affordable and stable energy future for all. I will have the privilege of joining you and attending tomorrow’s meeting personally.

Your Royal Highness, Ladies and Gentlemen, I am conscious that many of you have travelled from different time zones to be with us this evening and tomorrow, and that you have a busy schedule ahead of you tomorrow.

I would therefore like to conclude my remarks by repeating my warm welcome, and that of the Government and Secretary of State, and to wish you a successful and productive dialogue tomorrow.

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Video

The Duke of York gives an interview to David Frost on Frost over world

Frost over the World – For the last seven years Prince Andrew has been the UK’s ‘special representative for international trade and investment’. In this role he travels the world promoting British business.

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