At a ceremony in Birmingham this morning, the Labour Party launched its “manifesto for hope” including its plan for a “green transformation”.
The manifesto included a number of policy announcements and updates regarding the energy transition, including generating nearly 90% of the country’s energy from renewables by 2030.
The party is now pledging to be “on track” to reach net zero in the 2030s, a slight deviation to the motion passed at the party conference in September for net zero by 2030.
Nationalisation of the transmission and distribution grids and the Big Six suppliers form a central part of Labour’s energy pledges, and in transport it is proposing to bring the phase out of petrol and diesel vehicles to 2030.
A key aspect of Labour’s policies is its proposed windfall tax for oil companies, so that “the companies that knowingly damaged our climate will help cover the costs”.
Oil refinery plant at night
The party sought to calm fears that such a move would cost jobs, claiming that it had a strategy to safeguard the people, jobs and skills that depend on the offshore oil and gas industry.
The party has already announced that it would create a £250 billion Green Transformation Fund, “dedicated to renewable and low-carbon energy and transport, biodiversity and environmental restoration”.
Of this £60 billion will be spent on energy efficiency upgrades for homes throughout the country.