LONDON (Reuters) – Britain’s main opposition Labor Party pledged on Monday to turn the country into a clean energy superpower by 2030, saying it would lift a ban on new onshore wind farms while honoring oil and gas licenses awarded before next year. election.
Labor, which polls suggest is on course to win national elections expected next year, has tried to position itself as the only party that can spur economic growth by investing heavily in green technologies and jobs with plans to rival similar investments in the United States. and the European Union.
But earlier this month it scaled back its main pledge to spend 28 billion pounds ($36 billion) every year until the end of the decade on building green industries, blaming high interest rates.
Labor’s pledge to decarbonize the country’s electricity system by 2030 will require a massive increase in renewable energy such as wind and solar power.
The proposal would mean quickly weaning the country off fossil fuels like gas, which accounted for nearly 40% of the country’s electricity last year, or adding technology to capture and store carbon emissions. Wind energy was the second largest source, providing about 27%.
On Monday, Labor leader Keir Starmer announced pledges to deliver 100% clean and affordable energy by 2030. To create a publicly owned energy company, GB Energy; to establish the National Wealth Fund to invest in green technologies; and to upgrade poorly insulated homes.
“We can cut bills, create jobs and provide energy security for Britain,” Starmer said in a speech in Edinburgh, adding that the plan would require government borrowing.
The party will also overturn a ban on new onshore wind farms which Labor says added £5.1bn to energy bills, or £182 per household, because Britain had to turn to more expensive energy.
More questions
Starmer reiterated his pledge to halt new oil and gas exploration licenses in the North Sea, but said any granted before the next election, such as Equinor’s (EQNR.OL) proposed Rosebank field, would be honored.
He said North Sea oil and gas would be part of the energy mix for “decades” but would have a diminishing return, and that Labor had a credible plan to manage the transition.
Greenpeace said the plans were “much-needed policies” although a source at a North Sea oil and gas producer, who asked not to be named, said that “Starmer’s bewilderment raises more questions than it answers”.
“We welcome Sir Keir Starmer’s recognition of the critical role of oil and gas and the offshore industry,” said David Whitehouse of Offshore Energies UK, adding that the proposed ban on new exploration licenses was “very early”.
“The numbers are clear. The UK has 283 active oil and gas fields but 180 will be closed by 2030. If we don’t replace them with new ones, production will decline much faster than we can build low-carbon alternatives.”
Starmer said the transition to green energy could be made to serve Scotland’s interests – aiming to reclaim old Labor strongholds to secure a majority at the next election. He acknowledged the sensitivities of the energy transition in a part of Britain where North Sea oil supports many jobs.
“Deep down, we all know this has to happen eventually, and the only question is when,” he said.
“The time has come for decisive action. If we wait until we run out of oil and gas in the North Sea, the opportunities this change can bring to Scotland and your community will be missed. And that would be an historic mistake.”
Britain’s ruling Conservative Party has set an ambition to generate all of the country’s power through “clean energy” by 2035, but still issues new licenses for oil and gas exploration.
The government criticized Labor’s plan to halt new oil and gas licences, saying it would leave the country needing to import oil and gas to make up for the shortfall.
($1 = 0.7802 pounds)
(Reporting by Michael Holden and Alistair Smoot), Additional reporting by Susannah Toodle and Shadia Nasrallah; Editing by David Evans and Susan Fenton
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