Back to Blogs

Renewables industry applauds creation of GB Energy

  • Publish Date: Posted 3 months ago
  • Author: Steve Walia

​The UK renewables sector has welcomed the establishment of GB Energy, a new public body aimed at accelerating investment in renewable energy. The announcement was confirmed by King Charles during the state opening of Parliament.

 

GB Energy, a prominent feature in Labour's pre-election manifesto, will be headquartered in Scotland and backed by a new National Wealth Fund. The initiative is designed to boost the UK's renewable energy capacity, with an emphasis on offshore wind.

 

RenewableUK, a key industry body, hailed the initiative as a significant step towards improving energy security and affordability. They noted that the new body, alongside the introduction of a Planning and Infrastructure Bill, would help expedite the deployment of critical infrastructure, thus driving the energy transition and fostering economic growth.

 

The executive director of policy at RenewableUK underscored the importance of GB Energy working in harmony with the National Wealth Fund and other financial institutions. This coordination is deemed essential to mobilise the estimated £100 billion in private investment needed to achieve Labour's goal of 60GW of offshore wind by 2030.

 

Scottish Renewables, representing Scotland's renewable energy sector, highlighted the strategic advantage of GB Energy's headquarters being based in Scotland. They urged the UK Government to collaborate closely with industry stakeholders to ensure that GB Energy delivers the necessary additional investment for the extensive pipeline of projects. They also emphasised the need to address current investment barriers, such as high transmission charges and potential electricity market reforms.

 

The Association for Renewable Energy and Clean Technology also welcomed the government's legislative agenda. However, they stressed the importance of the government working alongside the private sector.

 

The renewables industry remains optimistic that with effective collaboration and policy support, GB Energy will play a crucial role in advancing the UK's clean energy ambitions and economic growth.