Industry welcomes measures in King’s Speech that will accelerate energy security and affordability

17 July 2024 - RenewableUK press release

Commenting on the measures announced in the King’s Speech today RenewableUK’s Executive Director of Policy Ana Musat said:

“Today’s King’s Speech provides a range of welcome measures that are essential for accelerating the energy transition and generating economic growth. It is particularly welcome to see the announcement of a Planning and Infrastructure Bill, to ensure that essential infrastructure can be deployed without delay.

“Setting up Great British Energy to mobilise investment into renewables and support engagement with local communities will also play an important role in helping us meet our deployment targets. Ensuring this institution works well alongside the National Wealth Fund and other financial institutions will be essential to enable the private sector to mobilise the finance required to deliver the energy transition: in offshore wind alone, £100bn of private investment will be needed to deliver Labour’s target of 60 gigawatts by 2030.

“We look forward to working with the Government to ensure the mandate of GB Energy accelerates deployment of key technologies, including onshore wind, floating offshore wind and long-duration energy storage, guided by an industrial strategy and a strong partnership between business and government.

"Getting that framework right so that we can secure the maximum amount of private capital is essential to realise the Government’s ambition to transform the UK into a clean energy superpower”.

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Notes

For further information, contact

Robert Norris, Head of Communications
07969 229 913 Robert.Norris@RenewableUK.com

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