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Summary
- Labour’s Green Prosperity Plan aims to create 650,000 jobs by 2030 and invest in low-carbon industries.
- The party plans to maintain a strategic reserve of gas power stations for a responsible transition in the North Sea.
- Labour pledges not to issue new oil and gas licences and to close loopholes in existing windfall taxes on companies.
- Doubts exist about Labour’s funding for energy projects and the feasibility of its green commitments.
Key passage:
Citing Russia’s invasion of Ukraine, the “cost of fossil fuel energy on the international market rocketed”, the party argued, while the “Conservatives’ ban on new onshore wind, failure to build new nuclear power stations and the decision to scrap investment in home insulation landed British families with among the highest energy bills in Europe”.
Labour claimed Britain has “tremendous untapped advantages: our long coastline, high winds, shallow waters, universities, and skilled offshore workforce combined with our extensive technological and engineering capabilities”.
[…]
Labour has promised to create Great British Energy, to be “owned by the British people and deliver power back to the British people”.
The body will partner with industry and trade unions to deliver clean power by co-investing in leading technologies, providing more than £8bn over the next parliament.
Read the full post at Energy Monitor.
