The REA (Association for Renewable Energy and Clean Technology)
has today welcomed the first major steps in the establishment of
Great British Energy.
Great British Energy has the potential to galvanise the
transition to net zero by unlocking much needed private capital
investment into energy generation and infrastructure, like
hydrogen, marine technologies and bioenergy with carbon capture
and storage. The announcement of a partnership with the Crown
Estate is welcome, but Great British Energy's operations must
recognise a range of energies and technologies, and partnership
with the private sector, will be required to achieve the
Government's clean power by 2030 target.
To deliver secure, decarbonised as well as affordable energy for
the UK, Great British Energy must deploy public funds
strategically in order to deliver a wide range of technologies,
crowd-in private sector investment and bring down the costs of
the energy transition.
Frank Gordon, Director of Policy at the REA (Association
for Renewable Energy and Clean Technology), said:
“We are encouraged to see the Government pushing ahead with
the establishment of GB Energy. The new partnership with the
Crown Estate signals intent to get building as quickly as
possible and will help in establishing new offshore wind
generation capacity.
As the new organisation gets going, and the Secretary of
State sets out its strategic priorities, the REA emphasises that
the real potential of GB Energy is in unlocking sectors of the
energy transition that private finance is not yet heavily
involved in. Delivery of an energy system that lowers bills for
UK households and businesses requires delivering investment in
the UK's supporting energy infrastructure, like our dated power
grid, and derisking innovative technologies of strategic
importance, like hydrogen, marine technologies and bioenergy with
carbon capture and storage. Doing so will enable private
finance to enter the UK market faster, lowering the cost of the
overall energy transition and delivering real returns for UK
consumers.”
