Britain announces new investments in green energy projects
The British government announced Thursday that it has secured more than 24 billion British pounds ($31.3 billion) in private investment in green energy projects, as it prepares for an international investment summit.
Prime Minister Keir Starmer called the investments “a huge vote of confidence” in his Labor government and its long-term growth plans, despite a stuttering start to power since the party’s election victory in July.
Labour, in opposition for 14 years, has pledged to revive the British economy, which it says has failed badly under successive Conservative governments since 2010.
Central to the plans is green energy, to transform the country from polluting fossil fuels to renewable energy sources such as wind, wave and solar power, to meet net zero targets.
But Starmer and his Chancellor of the Exchequer Rachel Reeves have been accused of scaring off investors with relentless talk of a dire economic legacy from the Tories and warnings about tough recovery measures ahead.
Spain’s Iberdrola, owner of British energy supplier Scottish Power, said it will double its investments in Britain to GBP 24 billion over the next four years.
Denmark’s Orsted is investing GBP 8 billion and Portugal’s Greenvolt GBP 2.5 billion, Downing Street said in a statement.
The announcements come after a record 131 new green infrastructure projects were awarded at auction last month, including plans for Europe’s two largest offshore wind farms.
Starmer said creating the right conditions was key to boosting growth and that the International Investment Summit on Monday would be a “springboard” to do that.
The British Prime Minister and Reeves will both speak at the meeting in central London.
Labor announced its green energy strategy in July, which includes Great British Energy, a government agency that aims to boost investment in domestic renewable projects.
Great British Energy will receive £8.3 billion over the next five years.
Last week the government announced almost £22 billion in investment over 25 years to support three carbon capture projects in the North East and North West of England.
It also lifted a ban on onshore wind projects in England, which was introduced after opposition from local residents.
