Clean energy ‘built in months’, Labor promises

The party says Labor, if elected, will launch green energy projects across the country within months.

The party plans to create a public company called Great British Energy.

Labor leader Sir Keir Starmer said investing in clean energy production at home would reduce bills.

But the SNP said the project would “destroy Scottish jobs and investment”.

Labor said Great British Energy would “turn the page on the cost of living crisis” by cutting energy bills.

“The pain and misery of the cost of living crisis has been directly caused by the Tory failure to make Britain resilient, leaving us at the mercy of fossil fuel markets controlled by dictators like (Russian President Vladimir) Putin,” Sir Keir said.

Great British Energy would be headquartered in Scotland, where most of the UK’s fossil fuel and offshore wind companies are based.

Labor would fund the company through a windfall profits tax on big oil and gas companies, which it says will raise £8.3 billion over the next five years.

The company will supply its own power from wind and solar projects across the UK as part of an “early investment”, the party said.

Great British Energy would also invest in new technologies, including floating offshore wind, hydrogen and carbon capture and storage.

Sir Keir and Scottish Labor leader Anas Sarwar will travel to Scotland to launch Great British Energy’s new logo and website.

The plans were welcomed by Greg Jackson, founder of energy company Octopus.

He said: “Labour is right that the UK’s dependence on fossil fuels has added thousands of pounds to its bills and we are pleased that they plan to fund a clean energy future by taxing the oil and gas giants.”

The Office for Budget Responsibility recently warned that a similar shock to that experienced by Russia going to war with Ukraine could cost the UK between £45 billion and £68 billion if the country remains dependent on international energy markets.

Over the last two years, the typical family has paid £1,880 more than they would have if prices had remained at previous levels.

The government’s former chief scientific adviser, Sir Patrick Vallance, also supported the creation of Great British Energy.

Speaking to the BBC, Sir Patrick said he believed a rapid transition to clean electricity generation was possible “if the government gets its act together”.

“Right now it’s not happening the way I think it should be,” he added.

Conservative energy secretary Claire Coutinho said Labor’s plans lacked resources.

She attacked the party’s moves to halt new oil and gas concessions in the North Sea, saying jobs would be at risk.

The SNP said the scheme would use “Scotland’s energy wealth” to fund nuclear projects in England and could cost 100,000 jobs in Scotland.

SNP Westminster leader Stephen Flynn called it a “scam” that would “scare away billions of pounds of investment”.

The Work plans include new nuclear projects at Hinkley and Sizewell, extending the life of existing power plants and supporting new nuclear capacity, including small modular reactors.

Labor initially planned to spend £28 billion a year on green investment, but the plan has been scaled back.

The party says the poor public finances they will inherit if elected hamper its initial ambitions.

The Green Party said Labour’s plans did not go far enough.

Party co-leader Adrian Ramsay said “real change” was needed to “meet the demands of the climate crisis”.

“Compared to Labour’s original commitment to spend £28 billion a year on green investment, the announcement of just £8.3 billion during Parliament seems minuscule and nowhere near enough to deliver on Labour’s ‘clean electricity’ promise. ” – added.