After being out of power for 14 long years, as the Labour Party in the UK forms the government under Keir Starmer after a landslide general election victory, the fortunes of the renewable energy industry are now looking up as one of its major election promises was to make Britain a clean energy superpower.
"Labour will end the climate and energy chaos, turn the page on 14 years of failed policies, and make Britain a clean energy superpower," reads its election manifesto.
According to the manifesto, Labour promised to work with the private sector to triple solar power, double onshore wind, and quadruple offshore wind by 2030.
Under the Conservative party rule, Britain had a target of increasing its installed solar PV capacity 5-fold by 2035, up from 14 GW in 2022 as it set a net-zero aim by 2050. This is likely to lead up to 70 GW of solar capacity by the target year as per its Energy Security Strategy.
According to the Solar and Energy Storage Manifesto of Solar Energy UK (SEUK), the local solar energy industry association, the UK needs a cumulative 50 GW of solar by 2030, with 30 GW of zero-carbon energy storage capacity to be in line with the 70 GW target.
By the end of 2024, the UK is expected to have a total 20 GW of solar, and 8 GW of energy storage capacity installed.
Additionally, the Labour Party promised a Warm Homes Plan to provide grants and low-interest loans to support investment in efficient home electrification, including installing solar panels, batteries and low-carbon heating to bring down electricity bills.
At the same time, the incoming Starmer administration wants to 'rebuild supply chains at home' in its pursuit of making Britain a clean energy superpower with an eye on exports.
"We will reward clean energy developers with a British Jobs Bonus, allocating up to £500 million per year from 2026, to incentivise firms who offer good jobs, terms and conditions and build their manufacturing supply chains in our industrial heartlands, coastal areas, and energy communities," as per the manifesto.
However, it will continue to invest in new nuclear power stations, extend the lifetime of existing ones, and maintain a 'strategic reserve' of gas power stations, but won't issue new coal licenses.
Moving forward, the Labour Party should now accelerate climate action, demands climate change thinktank E3G having won a 'super strong mandate.'
"In their manifesto, Labour made a clear commitment to bring UK industry into a new era, investing in the low carbon technologies of tomorrow," said E3G's Senior Policy Advisor in Industry and Carbon Capture, Laith Kharus Whitwham. "Now they're in power, Labour need to act swiftly and decisively, laying down the funding and policies to turn that commitment into a reality."
E3G Brussels Executive Director Manon Dufour said, "The EU and its member states should note: the UK is back in the race to net zero."