Labour pledges to begin building solar energy infrastructure within months of an election win to help combat the cost-of-living crisis. With the launch of the Great British Energy logo and website, Labour plans to create a publicly owned company to invest in domestic solar power and reduce energy bills.
The Strategy
Within months of a potential election victory, Labour has pledged to launch initiatives promoting solar energy to help alleviate the cost-of-living crisis. Sir Keir Starmer will highlight the connection between family financial stability and energy independence, criticizing the Conservative Party for failing to bolster Britain’s resilience.
At an event in Scotland alongside Scottish Labour leader Anas Sarwar, Starmer will unveil the logo and website for Great British Energy. The strategy involves creating a publicly owned company to invest in domestic solar power, a key part of the party’s six-point policy to reduce energy bills and tackle the cost-of-living crisis.
Image: Collected
Sir Keir Starmer has announced that Great British Energy will initially invest in wind and solar projects across the UK. The goal is to make Scotland a leader in floating offshore wind, hydrogen, and carbon capture and storage (CCS) technologies.
Funded by a windfall tax on large oil and gas companies, the new public company will be headquartered in Scotland and have an initial capitalization of £8.3 billion.
Cutting Bills and Attaining Energy Self-sufficiency
Endorsed by former chief scientific adviser Sir Patrick Vallance, the plan promises to deliver lower energy bills, create jobs, and enhance the UK’s energy security.
Vallance stressed the importance of rapid investment in clean energy to avoid reliance on unstable international fossil fuel markets, a vulnerability highlighted by recent price shocks following the COVID-19 pandemic and Russia’s invasion of Ukraine.
“If we take our time, someone else will figure out the solutions, and in the end, we’ll be purchasing the answers instead of offering them,” Sir Vallance remarked. “Achieving a clean power system quickly and with the right technologies requires investment rather than just expenditure.”
He added that energy self-sufficiency will ensure the nation is never again left vulnerable by its reliance on a volatile global fossil fuel market.
Labour claims that in the past two years, a typical family has paid £1,880 more in energy bills due to price hikes, while the government spent £94 billion capping costs. The Office of Budget Responsibility warns that continued gas dependency could lead to recurring crises, risking a £900 annual energy price spike for households.
Sir Keir Starmer argues that the cost-of-living crisis stems from the Conservative party’s failure to build energy resilience, which has left the UK vulnerable to volatile fossil fuel markets. Labour’s plan—through Great British Energy—is to invest in affordable, clean solar energy produced domestically to ensure energy security and lower bills.
Towards Net Zero Emissions
According to Ed Miliband, the shadow secretary for energy security and net zero, Great British Energy will jumpstart the push for renewable power to cut costs and strengthen our energy independence.
He underlined the clear choice in the forthcoming General Election: “either facing increased bills and energy vulnerability under the Conservatives, or enjoying reduced costs and energy self-reliance with Labour.”
Mike Childs, head of policy at Friends of the Earth, praised Labour’s commitment to harnessing the UK’s significant renewable energy resources, describing it as a positive step toward transitioning to a green economy. However, he emphasized that the party should not become complacent with just one robust green policy.
He highlighted the need for detailed plans to reduce carbon emissions from transportation and home heating, suggesting solutions like a national insulation program, funding for heat pumps, and revitalizing public transport. Childs urged all political parties to enhance their environmental commitments.
Labour’s plan to launch Great British Energy will invest in domestic solar power to reduce energy bills and enhance security by leveraging the UK’s renewable resources. The initiative, funded by a windfall tax on large oil and gas companies, also promises rapid clean energy investments, job creation, and a reduced reliance on volatile fossil fuel markets.