UK to launch Great British Energy to ramp up renewable energy investments

The UK’s newly elected government will launch Great British (GB) Energy, a state-owned company to invest in clean energy projects across the country, Labour Party pledged on Wednesday.

The announcement came during the ceremonial King’s Speech, which outlined the government’s legislative agenda for the new parliamentary year.

According to the bill titled Great British Energy and Clean Energy Superpower, the company will be headquartered in Scotland and backed by £8.3 billion ($10.8 billion) of public money to ‘develop, own and operate assets, investing in partnership with the private sector.’

GB Energy will help the country achieve energy independence and ‘ensure British taxpayers, bill payers, and communities reap the benefits of clean, secure, home-grown energy and lower bills for families.’

Keir Starmer’s left-leaning Labour Party won a landslide victory in the July 4 general election in the UK. During the first days in office, the government lifted a ban on onshore wind farms.

• Clean Energy Superpower
• Great British (GB) Energy