Government set to introduce legislation to create Great British Energy

The government yesterday announced the launch of GB Energy and that it will be partnering with the Crown Estate to roll out new offshore wind farm developments as part of its Great British Energy Plan.

The deal with the Crown Estate has been announced on the same day that the government will introduce legislation to create Great British Energy - a new publicly owned company, which will have £8.3bn of funding over the next parliament.

According to the Government, GB Energy will help develop future offshore wind projects, as part of its push to hasten the UK’s transition to renewable energy.

Other details around Great British Energy were unveiled, with the government saying it would lead energy projects through development stages to make them go faster, then give them back to private firms, while keeping a stake to get a return for the public purse.

Leading the development of green power projects will come alongside GB Energy’s previously announced role of acting as a co-investor on schemes with private sector firms.

Kuran Singh (pictured), policy advisor at Greater Birmingham Chambers of Commerce said: “The launch of GB Energy represents a significant milestone in the UK’s renewable energy journey.

"More than three quarters of firms surveyed by the Business Commission West Midlands felt it was important to ensure we have the energy resilience to meet future requirements.

“GB Energy should go some way to enabling this, enhancing our energy security by reducing dependency on imported fossil fuels and increasing domestic energy production.

"However, as the Commission outlines, the UK's transition to net zero must also include clear guidance from the Government on how Net Zero targets will be reached and a blueprint for leveraging sectoral strengths in green growth.

"Locally, financial relief and tailored grant funding programmes must also be bolstered and more effectively joined up to enable SMEs across all sectors of the Greater Birmingham economy to reduce emissions in a cost-effective manner."

The Chamber's Sustainable Business Series campaign seeks to share best practice advice and guidance for local firms looking to reduce emissions and transition towards net zero. Click here to find out more about the Sustainable Business Series and upcoming events.

Explore available financial relief and grant funding for sustainability initiatives through the Chamber's Low Carbon Support Grid. Click here to view the grid.