Labour has unveiled plans to build 37 new offshore windfarms – with a 51% publicly owned stake – as part of its Green Industrial Revolution.
On 23 September, Shadow Business and Energy Secretary, Rebecca Long-Bailey announced the People’s Power Plan which sets out how Labour is aiming to deliver 52GW of offshore wind by 2030 with £83bn of government and private sector funding invested into the UK coastline. It is expected that the plan would create 67,000 new unionised high-skilled jobs within the offshore sector, including in Scotland, Yorkshire and Humber, the North East and East Anglia.
The plan would also see the creation of a People’s Power Fund, created from 20% of all profits from the publicly owned stake. This fund would see between £600mn to £1,020mn invested every year into “bricks and mortar” infrastructure in held-back coastal communities, including harbour fronts and leisure centres. The remaining 80% of profits would go towards new renewables generation, improvements to the wider energy system and climate transition.
Commenting on the plans, Long-Bailey said: “Our wind will soon become our largest energy source. While UK’s offshore wind industry is still young, the UK has the opportunity to avoid replicating Britain’s experience with North Sea Oil and instead to learn from countries such as Norway and Sweden by owning what is already ours.”