UK’s Labour Party published a plan to build 37 new offshore wind farms with the government holding a 51%. Rebecca Long Bailey MP, Labour’s Shadow Business and Energy Secretary, announced the Labour’s plan as part of a British ‘Green Industrial Revolution’ plan.
Long Bailey highlighted that
We will deliver a seven-fold increase in offshore turbines in twelve years. But we can’t rely on the market to act fast enough. So ‘the people’ will take a majority stake in all new offshore wind farms and Our National Transformation Fund will allocate [$7.7 billion] to jumpstarting a home-grown renewable industry.
The program estimates a net profit on public investment, with a 20% going for a ‘People’s Power Fund’ to invest in coastal communities.
However, the Conservative party stated its objection against this plan, and alerted that nationalization risked damaging the prospects of further private investment.
Overall, Labour’s ‘Green Industrial Revolution’ plan includes more than two million interest-free loans for the purchase of private vehicles; full electrification of the government vehicle fleet by 2025; $4.5 billion for public charging stations; $3.7 billion in equity for British carmakers who go electric, plus tax exemptions; $600 million for zero-emissions car R&D; and $2.2 billion in investment in three new battery plants.
The UK aims to a total decarbonization by 2050, focusing to renewable energy, as it recently awarded Equinor to develop three large scale offshore wind projects in the Dogger Bank region of the North Sea, being the world’s largest offshore wind farm development with a total installed capacity of 3.6 GW.
