GBE was launched by the Energy Security and Net Zero secretary Ed Milliband as the ‘biggest investment in home-grown clean energy in British history’, with the aim of making the UK a ‘clean energy superpower’.
It will have its headquarters in Scotland. It’s uncertain precisely where, but Aberdeen has emerged as favourite. A target has been set for GBE to be directly responsible for generating 8 GW of renewable power by 2030. According to the government, some of the funding for GBE will be provided from additional taxation of the fossil fuel industry.
One of GBE’s first actions has been the announcement of a partnership between itself and The Crown Estate to boost private investment in the UK’s energy sector. The project is expected to attract up to £60billion in private investment to help the UK achieve energy independence.
GBE will receive £8.3billion for clean power projects throughout the UK and is is expected to lead the government’s clean energy efforts going forward after the Energy Secretary lifted the ban on onshore wind and made cheap solar energy available, GBE
The government said the partnership would involve ‘two national institutions working together for the benefit of the British people’, with The Crown Estate, managing £16billion in assets and contributing expertise and new investment powers. This collaboration is expected to produce 20-30 GW of offshore wind projects by 2030, capable of powering nearly 20million homes.
The government also said that GBE would contribute industrial policy and investment, and the ‘partnership would offer a new public sector approach to early offshore wind development, reducing risk for developers and accelerating construction’.
Further details on GBE are available at https://www.gov.uk/government/publications/introducing-great-british-energy