Image source, Getty Images
Labor would launch the creation of green energy projects across the country within months if elected, the party said.
The party plans to create a public company called Great British Energy.
Labor leader Sir Keir Starmer said investing in domestic clean energy production would cut 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 Tories’ failure to make Britain resilient, leaving us at the mercy of fossil fuel markets controlled by dictators like (President Russian Vladimir) Putin,” Sir Keir said. .
Great British Energy would be headquartered in Scotland, where much of Britain’s fossil fuel and offshore wind industries are based.
Labor would fund the venture through a bumper tax on big oil and gas companies, which they say would raise £8.3 billion over the next five years.
The company would supply locally generated energy from wind and solar projects across the UK as “early stage investments”, 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 are in Scotland to launch a new logo and website for Great British Energy.
These projects were welcomed by Greg Jackson, founder of the energy company Octopus.
He said: “Labor is right that the UK’s reliance on fossil fuels has added thousands of pounds to bills, and we’re pleased to see they are considering funding a clean energy future by taxing the giants oil and gas. »
The Office of Budget Responsibility recently warned that a shock similar to Russia’s launch of its war against Ukraine could cost the UK between £45 billion and £68 billion if the country remains dependent on international energy markets.
Over the past two years, a typical family has paid £1,880 more than if prices had remained at their previous levels.
The government’s former chief scientific adviser, Sir Patrick Vallance, also endorsed the creation of Great British Energy.
Speaking to the BBC, Sir Patrick said he believed it was possible to move quickly to clean electricity generation “if the government gets its act together”.
“It’s not happening right now the way I think,” he added.
Conservative energy secretary Claire Coutinho said Labour’s projects were not being funded.
She attacked the party’s moves to block the granting of new oil and gas licenses in the North Sea, saying jobs would be at risk.
The SNP said the project would use “Scotland’s energy wealth” to fund nuclear projects in England and could cost 100,000 jobs in Scotland.
The SNP’s Westminster leader, Stephen Flynn, called the measure a “scam” that would “disincentivize billions of pounds of investment.”
Labor plans include new nuclear projects at Hinkley and Sizewell, extending the life of existing plants and supporting new nuclear capabilities including small modular reactors.
Labor initially planned to spend £28 billion a year on green investment, but this plan was scaled back.
The party says the poor public finances they would inherit if elected make their initial ambitions more difficult.
The Green Party has said Labour’s plans do 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 initial pledge to spend £28 billion a year on green investment, this announcement of just £8.3 billion over the course of this Parliament seems small and is nowhere near enough to deliver Labour’s promise of ‘clean electricity’,” he added.
News Source : www.bbc.com
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