Government launches Great British Energy to accelerate renewable energy investment

Labour has unveiled a new bill to set up Great British Energy to boost investment in renewable energy projects, including offshore wind.

The new publicly-owned company will “own, manage and operate” clean power projects across the country and will help make the UK energy independent.

The Great British Energy Bill will form the new company, which will “facilitate, encourage and participate in the production, distribution, storage and supply of clean energy”, as well as assist with the reduction of greenhouse gas emissions from energy produced from fossil fuels.

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GB Energy will have a capitalisation of £8.3 billion of new money over the course of the Parliament, investing in projects in partnership with the private sector.

The bill is one of 40 included in the King’s Speech, alongside plans to bring railways into public ownership, ban conversion therapy for sexual orientation and gender identity, and grant local authorities greater powers over transport.

Read more our coverage of the King’s Speech here:

• Follow live coverage and reaction of the King’s Speech
• Policies aim to ‘take brakes off’ Britain in growth drive
• King’s Speech guide: What to expect in Labour’s 35 bills
• Kim Johnson MP: ‘My amendment to lift the two-child benefit cap is vital’

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