How £24bn Investment in Renewable Energy and Climate Initiatives is Driving Growth and Sustainability

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On the 4th July, the Labour Party emerged as the clear winner of the UK general election, with Kier Starmer leading them to secure 411 seats, gaining 214 seats from 2019. Their manifesto outlines priorities such as the economy, the NHS, and most notably, climate change.

In their election manifesto, Labour stated that the climate crisis is “the greatest long-term global challenge that we face, and the clean energy transition represents a huge opportunity to generate growth, tackle the cost-of-living-crisis and make Britain energy independent once again,” to “cut bills, create jobs and deliver security with cheaper, zero-carbon electricity by 2030, accelerating to net zero.”

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Labour has pledged to treble solar capacity, double onshore wind and quadruple offshore wind as key milestones towards achieving zero-carbon power by 2030. Taking a deeper look, here’s what that means for the future of Renewable Energy:

Labour has promised £24bn for green initiatives, which is their biggest spending commitment in their new regime, making green policies the heart of Labour’s plan for growth and prosperity. They have assigned £1.7 billion per year to their Great British Energy Company, with the intention of increasing renewables and nuclear energy. They’ve stated their aim to create 650,000 Renewable Energy jobs by 2030, drive industrial renewal, lower bills and create secure supplies of clean energy. Their policy also includes the building of new solar farms and onshore wind turbines.

In keeping with policy to support renewable energy development, the government has newly announced the lifting of the onshore wind ban in England. Changes to the National Planning Policy Framework took effect from 8 July 2024 and are part of an ongoing series of legal changes to promote and deliver green energy.

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They said: “Delivering our clean power mission will help boost Britain’s energy independence, save money on energy bills, support high-skilled jobs and tackle the climate crisis. We are revising planning policy to place onshore wind on the same footing as other energy development in the National Planning Policy Framework (NPPF).” (gov.co.uk)

The party also announced a new Energy Independence Act to establish the framework for its energy and climate policies. Along with onshore and offshore wind and solar, Labour has also pledged to make significant investments carbon capture and storage, hydrogen and marine energy.

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With these policies in place, we can expect to see growth in the Renewable Energy market over the next five years. This is a step in the right direction for the global push towards NetZero, stimulating the economy and helping to build a greener and more sustainable future.

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