In response to growing climate concerns, rising living costs, and energy security issues, the UK Government is embarking on a significant energy transformation. By shifting away from fossil fuels, the UK is committed to advancing its clean, green energy agenda and becoming a clean energy superpower by the end of this decade.
Labour Party’s Vision for Clean Energy
Following the Labour Party’s landslide victory in the general election on July 4, 2024, the opening of Parliament and the King’s Speech on July 17 outlined the new government’s legislative agenda. Key among these is the push for clean energy to bolster the economy and improve living standards.
“Securing economic growth will be a fundamental mission. My Government will seek a new partnership with both business and working people and help the country move on from the recent cost of living challenges by prioritising wealth creation for all communities. My Ministers will establish an Industrial Strategy Council. It is my Government’s objective to see rising living standards in all nations and regions in the United Kingdom,” – King Charles III.
My government will deliver change in all parts of our country, making you better off.
Here’s how. https://t.co/6YR912plGX
— Keir Starmer (@Keir_Starmer) July 17, 2024
Legislative Measures for Green Energy
The package of over 35 bills includes establishing Great British Energy, a publicly owned clean-power company. This initiative aims to boost energy security, create jobs, and build supply chains across the UK. Additional legislation will unlock investment in energy infrastructure and support sustainable aviation fuel production.
King Charles III emphasized the urgency of the global climate challenge and the job opportunities in developing future technologies:
“A Bill will be introduced to set up Great British Energy, a publicly owned clean power company headquartered in Scotland, which will help accelerate investment in renewable energy such as offshore wind.”
Government and Industry Collaboration
Paul Thwaite, CEO of NatWest Group, highlighted the necessity of significant public and private investment for the next stage of the transition.
“The National Wealth Fund has the potential to accelerate the transition and address some of the fundamental barriers that have existed to date. As the UK’s leading bank for business, we will continue to support the government in the development of the National Wealth Fund.” – Paul Thwaite, CEO of Natwest Group.
Energy Security and Net Zero Secretary Ed Miliband outlined plans for zero carbon electricity by 2030, emphasizing the need to speed up the transition from fossil fuels to homegrown clean energy.
“Families and businesses across the country are still struggling with energy bills that are too high and are expected to rise again in the autumn. In an unstable world, the only way to guarantee our energy security and cut bills permanently is to speed up the transition away from fossil fuels and towards homegrown clean energy.” – Ed Miliband.
End of Week 1 and we've hit the ground running:
🍃Ended 9yr onshore wind ban in 72 hours
🌞 New solar for energy security
🔋 Clean Power Mission Control
🇬🇧 National Wealth Fund
🫶 Great ministerial team
🏗️ Talks on Grangemouth
We're just getting started! pic.twitter.com/sFihT3XLKP
— Ed Miliband (@Ed_Miliband) July 13, 2024
Industry’s Role in Achieving Net Zero
Offshore Energies UK (OEUK) published a blueprint to meet the government’s net zero power target by 2030. This involves tripling offshore wind capacity, doubling onshore wind and solar power capacity, and expanding interconnector power transmission capacity. Collaboration between government, regulators, and industry is crucial to achieving this ambitious goal.
“This independent report commissioned by OEUK shows that plans for a fully decarbonised power grid by 2030 are achievable but need high-speed collaboration with business. It will require a herculean effort by government, regulators and industry working together to deliver change to UK infrastructure on a scale unseen since the industrial revolution,” – David Whitehouse, OEUK Chief Executive.
The Road Ahead
Whitehouse stressed the need for high-speed collaboration to deliver change to UK infrastructure on a scale unseen since the industrial revolution. “Zero carbon power generation must come from reliable supplies that can be easily called upon when the wind doesn’t blow and the sun doesn’t shine. The UK offshore industry is up for the challenge,” he added.
The UK energy supply chain is ready to support the homegrown energy transition and drive economic growth.
“We know the UK energy supply chain has between 60% to 80% of the capabilities required to develop low carbon energies. We are ready to work with the new government to unlock investment in the homegrown energy transition,” Whitehouse concluded.
Photo by Benjamin Davies on Unsplash