The UK government has announced the introduction of the Great British Energy Bill, a landmark initiative aimed at establishing a new publicly-owned company dedicated to clean energy projects. The announcement, made on July 25, 2024, outlines a substantial investment of £8.3 billion (USD $10.7 billion) over the next five years, funded by a windfall tax on oil and gas companies.
Based in Scotland, the new entity, Great British Energy, will spearhead efforts to enhance the UK’s energy security and drive the transition to renewable energy. Energy Security and Net Zero Secretary Ed Miliband emphasized the public ownership aspect, stating, “Great British Energy comes from a simple idea – that the British people should own and benefit from our natural resources. Investing in clean power is the route to end the UK’s energy insecurity, and Great British Energy will be essential in this mission.”
The company’s primary roles will include developing and investing in clean energy projects alongside the private sector, collaborating with local authorities to support local energy generation projects, and building UK supply chains. Additionally, Great British Energy will explore partnerships with Great British Nuclear.
In conjunction with the new legislation, the government announced a partnership between Great British Energy and the Crown Estate, the independent institution managing land and property owned by the Crown. This collaboration will focus on the development of offshore wind farms, with the potential to bring 20-30GW of new offshore wind developments to the seabed lease stage by 2030, leveraging up to £60 billion in private investment.
The government highlighted the anticipated benefits of the partnership, including accelerated deployment of offshore wind projects, reduced risk for developers, and support for technologies such as carbon capture and storage, hydrogen, wave, and tidal energy.
Prime Minister Keir Starmer hailed the initiative, stating, “This innovative partnership between Great British Energy and the Crown Estate is an important step toward our mission for clean energy by 2030, and bringing down energy bills for good.”
The Great British Energy Bill represents a significant stride in the UK’s commitment to sustainable energy and economic resilience, aiming to position the nation at the forefront of the global clean energy transition.
News sourced from ESGtoday.com
Find out more about the future of building sustainably. Discover the latest in cement industry innovations, best practices, and decarbonization efforts at our upcoming events – join us to shape a greener world!
Dive into our calendar of events, featuring CarbonZero Global Conference and Exhibition 2024 in Madrid, Spain; Women in Cement and Construction International Congress and Sustainability and ESG International Summit 2024 in Madeira, Portugal. Email us at contact@industrylink.eu for program brochures and registration details.
Sign up to our newsletter on industrylink.eu/#signupnow to receive the latest news and future events info as well as exclusive discounts.