Both the Conservative and Labour parties have set out plans for major investment programmes to decarbonise the economy towards net zero.
At its party conference, Labour said it would build 37 offshore wind farms in which the public will own a 51% stake if it wins the next general election. The opposition party’s “People’s Power” plan would generate 52GW of power, enough for 57 million homes, by 2030 alongside 67,000 jobs.
Labour said the plan would trigger £83 billion of government and private sector investment and likened the public stakes to those held by bodies in Belgium, Denmark and Germany.
Meanwhile, The Conservative Party said it would introduce measures to accelerate the uptake of electric cars, plant a million trees and provide £220m in funding for nuclear fusion research.
However, Lawrence Slade, Energy UK’s chief executive, said with just 120 quarters until 2050, much more urgency is required to “seriously address what is one of the most critical issues of our age.”
“We need to see action that will really shift the dial - including a Government-funded national energy efficiency programme and measures to tackle complex areas such as the decarbonisation of heat, which will be critical to achieving our climate targets.”