Keir Starmer, the leader of the Labour Party, has announced plans to allocate up to £200 million to offshore wind companies for the construction of factories in traditional oil and gas regions. This initiative will be unveiled at the COP29 climate change summit, where Starmer aims to emphasize the UK’s commitment to clean energy transition.
The funding will support wind farms in establishing facilities for manufacturing turbine blades, cables, and ports through the Government’s new “clean industry bonus.” This move is part of the Government’s strategy to ensure that the shift towards clean energy benefits the economy and creates new job opportunities, particularly in areas that have historically relied on the oil and gas industry.
Starmer’s presence at the COP29 summit is significant, as he will be one of the few G7 leaders in attendance. This sends a strong message that the UK remains dedicated to driving climate action, despite the skepticism surrounding the issue from other global leaders, such as the incoming Trump administration.
As the UN warns of 2024 being the hottest year on record, breaking the 1.5C threshold above pre-industrial temperatures, Starmer will announce a new target for the UK to reduce emissions by 2035. This aligns with the recommendations from government advisors for an 81% decrease from 1990 levels.
The clean industry bonus will offer wind farms up to £27 million per gigawatt of offshore wind projects, with a maximum cap of £200 million. This funding will support initiatives like the investment from ScottishPower in blade production at a factory in Hull, demonstrating the potential for growth and innovation in the clean energy sector.
Starmer emphasized the importance of collaboration with the private sector in achieving climate goals, urging businesses to contribute their fair share towards climate finance commitments. This approach aligns with the belief that collective action is essential in combating climate change, regardless of political shifts or individual country policies.
Overall, Starmer’s announcements at the COP29 summit reflect the UK’s commitment to leading the global clean energy transition and creating a sustainable future for generations to come. By investing in clean industries and fostering partnerships with businesses, the UK aims to strengthen its economy, protect the environment, and pave the way for a greener, more resilient future.