The recent election has brought a wave of questions surrounding the future of the UK’s energy landscape. This article will delve into the challenges facing UK energy, including energy costs and the critical issue of energy security. We will also explore the role of GB Energy, the National Wealth Fund, and the commitment to achieving net-zero.
Lowing Energy Costs With The Green Prosperity Plan
A huge one fifth of UK households are in energy debt. It is essential that the new government makes plans to tackle high energy costs.
The Labour Party aims to help ease the high energy costs with their Green Prosperity Plan, which includes establishing GB Energy and the National Wealth Fund. They also state that they will reduce standing charges and enforce tougher regulation on energy suppliers.
If you are struggling with your energy costs, there is support available. With government-backed grants and schemes, you can make improvements to your home to make it more energy-efficient, completely free of charge. This means a cheaper energy bill, saving the average UK household £400 per year.
To see if you qualify for a government-backed grant, click the button above. Qualifying households can receive up to £75,000 of home upgrades, completely free of charge.
GB Energy
GB Energy will be headquartered in Scotland, a region already pivotal to the UK’s oil, gas, and offshore wind industries. This is part of Labour’s broader Green Prosperity Plan, which is predicted to create 650,000 jobs. Labour proposes thet the plans ill a reduction in energy bills by an average of £300, and the provision of real energy security.
You can read more about what the creation of GB Energy will mean for the UK energy industry by clicking here.
National Wealth Fund
The Labour Party’s National Wealth Fund is a major part of their plan to boost the UK’s economy. The fund aims to support projects that will help the UK transition to net-zero by 2050. This includes renewable energy projects, energy-efficient housing, and public transport. Additionally, the fund aims to enhance energy security by investing in a range of energy sources. This will enhance the UK’s energy security by reducing dependence on imported energy and fossil fuels. Furthermore, the projects supported by the fund is expected to create jobs in emerging green industries.
Specifically, the fund will provide financial support for wind and solar power, to support the UK efforts of reaching net-zero. By financing the expansion of wind and solar power, the fund will increase domestically produced, low-cost renewable energy. It is hoped that this will reduce the overall cost of energy production, leading to lower prices for consumers. Overall, the National Wealth Fund is set to play a crucial role in building a sustainable and secure energy future for the UK.
Labour has pledged to remove the de facto ban on onshore wind, to reform planning to enable faster delivery of infrastructure projects, and ensure the system “meets the needs of a modern economy” by making it easier to build infrastructure including battery plants.
Additionally, Labour plans to extensive energy efficiency measures across homes and public buildings, focusing on improving insulation and promoting the use of energy-efficient appliances. These initiatives aim to lower overall energy consumption by up to 20% by 2030, contributing significantly to carbon reduction targets.
Enhancing Energy Security Through Renewables
Labour would not grant new North Sea oil and gas licenses but has confirmed it would not revoke existing ones.
Labour will continue the work done by the previous government in working towards the 2050 net-zero goal. They hope to ‘make Britain a clean energy superpower‘. Also, a target has been set to decarbonise UK electricity by 2030. Although the Party has stated they will not be granting any new North Sea oil and gas licences, they will not revoke existing ones. They also support the expansion of nuclear energy as a source
Investment in renewable energy sources, such as wind, solar, and tidal power is central to the plan of greater energy security. Labour plans to invest £28 billion annually into green projects. By boosting domestic production of clean energy, UK energy supply will be less vulnerable to international market fluctuations and geopolitical tensions. The upfront costs for expanding renewable energy are estimated at £10 billion for wind energy and £5 billion for solar energy. Yet, they are viewed as essential investments for achieving net-zero and reducing consumer energy costs.
Furthermore, Labour aims to accelerate the adoption of electric vehicles (EVs) by investing in charging infrastructure and providing incentives . The plan includes funding for 2 million public charging points by 2030 and subsidies to make EVs more affordable. By electrifying public transport and encouraging cycling and walking, the government hopes to reduce greenhouse gas emissions from transport by 50% by 2030.
Energy support for UK households
There is ongoing support for UK households if you are struggling to pay your energy bill. With government-backed grants and schemes, you can upgrade your home with energy-efficient technology. These upgrades are worth up to £75,000 and save the average UK household £400 off their energy bill per year.
These upgrades are completely free of charge for qualifying homes, and include free solar, insulation, and an air source heat pump.
