A $10 billion green energy war chest being proposed by Britain’s opposition leader Keir Starmer could spark a vaccine-style sprint to net zero but will only work if a future Labour government throws its full weight behind the plan, analysts have said.
Mr Starmer used an election rally in Scotland on Friday to say his plan for a state-owned Great British Energy company would help the UK “win the race” to go green.
Launching GB Energy's logo and website, the Labour Party said it would invest in solar panels, offshore wind, tidal power, hydrogen, community projects and a new generation of nuclear energy with an initial £8.3 billion ($10.56 billion) of capital.
It says it would get the company started within months if it wins a July 4 election – with a 2025 deadline approaching for the UK to make a new go-green plan based on what was agreed at Cop28 in the UAE.
Prime Minister Rishi Sunak’s Conservative Party says the policy amounts to no more than “a logo”, as they pledge new oil and gas drilling licences instead of “environmental dogma”.
Mr Starmer conceded on Friday that oil and gas would still be in the mix “for decades to come” but accused Mr Sunak of still being “in the changing room” in the green energy race.
Ed Matthew from climate think tank E3G, who has analysed opinion polling on green policy, told The National a push for clean energy is “definitely a vote winner” as Labour promises lower bills and a more reliable power supply.
Britain’s cost of living crisis, caused partly by high gas prices and the UK’s exposure to Russian gas chaos, are a prime grievance for voters, as polls show Mr Sunak heading for defeat.
“What they understand is that their bills have gone through the roof in the last couple of years, and that gas is to blame. The polling totally backs up the fact they understand that,” Mr Matthew said.
Gas made up the biggest share of the British mainland’s power supply last year, although wind hit a record and can meet more than half of electricity demand on blustery days.
From the left, the Green Party says Labour’s pledge “looks tiny” compared to an earlier pledge to spend £28 billion ($35.60 billion) a year on green investment. Mr Starmer abandoned that plan on cost grounds in February.
Mr Starmer also defended taking a private jet between campaign stops in Wales and Scotland, saying it was the “most efficient form of transport”. Labour has previously ridiculed Mr Sunak for doing the same.
While Labour compares Great British Energy to other state-owned giants like France’s EDF or Sweden’s Vattenfall, experts think Mr Starmer could usher in a smaller, UK-focused investment fund.
Consultants at Flint Global management consultancy said that despite Labour’s campaigning on the issue there is “a great deal more that we do not know” about Great British Energy.
“Will it have a role in just electricity markets, or will it go beyond, including into the green supply chain?,” asked consultants, James Low and Josh Buckland.
“And how does it interact with Labour’s separate proposal for a new National Wealth Fund? In summary, what will GB Energy actually do?”
Vaccine-style push
Labour claimed an endorsement on Friday as former government chief scientist Patrick Vallance, a familiar face during the Covid-19 pandemic, backed Mr Starmer’s pledge to clean up the power grid by 2030.
“I am often asked which of Britain’s many pressing public policy challenges need a vaccine-style approach,” Mr Vallance wrote in The Times.
“I believe that one such priority is the urgent need to end the era of excessive carbon emissions, high energy bills and energy insecurity by accelerating the net zero transition to clean, home-grown energy.”
Mr Matthew said this would have to be a “whole-of-government mission” going beyond Great British Energy. Labour is already facing calls to go further by speeding up planning approvals and improving home insulation.
“I completely agree [with Mr Vallance] that that’s the scale of all-government effort and leadership required in order to get there. This transition is not going to be delivered just by Great British Energy,” Mr Matthew said.
“This isn’t just about the climate mission, as vital as that is. This is an economic mission as well, to reduce our dependence on high-cost gas, to reduce energy bills and to help spark a clean industrial revolution in the UK.”
Mr Sunak meanwhile promised on Friday to reach net zero in a “proportionate way” that does not “load up ordinary families with thousands of pounds worth of costs”.
“Yes, we’ll get to net zero, but I will do it in a way that prioritises our country’s energy security and household bills,” he said. “All we’ve seen from the Labour Party today is a logo.”
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
UAE currency: the story behind the money in your pockets
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
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May 15: Yokohama, Japan
June 5: Leeds, UK
June 24: Montreal, Canada
July 10: Hamburg, Germany
Aug 17-22: Edmonton, Canada (World Triathlon Championship Final)
Nov 5-6 : Abu Dhabi, UAE
Date TBC: Chengdu, China
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
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Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Killing of Qassem Suleimani
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
The five pillars of Islam
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
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