The crisis in the Strait of Hormuz has triggered challenges across the world, most acutely felt in the Global South.
The higher costs for oil, gas, and fertilisers, rising interest rates, disrupted remittances, and increased displacement are making life harder for millions of people.
These problems threaten food and energy security and risk global economic instability and development rollbacks.
The UK is taking action on several fronts.
First, alongside others, we are using our diplomatic channels to try to get the Strait of Hormuz fully reopened, restore freedom of navigation, and get commercial shipping moving again so fuel, fertilisers, and goods can reach where they are needed most.
Second, we are working with global financial institutions like the World Bank, IMF, and regional development banks to unlock emergency funding for countries hit hardest.
We welcome action that they are taking to use pre-arranged finance to stabilise economies.
Third, for food and fertilisers, we are mapping supply chain risks and seeing where to strengthen resilience to help countries prepare for shortages, reduce dependencies, and keep markets stable.
We’re working to prevent export restrictions and investing in long-term solutions like clean energy, sustainable farming, and improving fertiliser so that countries are less exposed to shocks.
Fourth, this crisis underscores the need to reduce overdependence on imported fossil fuels and diversify to clean and renewable energy sources.
The UK-led Global Clean Power Alliance is working to address bottlenecks in this.
The UN has a critical role to play in aligning agencies, IFIs, and development banks behind a shared system-wide response.
We commend efforts underway through the WTO, FAO, UNCTAD, and others, and encourage greater coordination.
We will continue to push for action at our Global Partnerships Conference, which is taking place next week, and the upcoming African and Asian Development Bank Meetings.