The Labour Party manifesto will dedicate £500m ($638m) to support the development of the green hydrogen sector in the UK.
Speaking in Greater Manchester today, Sir Keir Starmer expanded on the Labour Party’s pledges to invest in renewable energy across the UK, including its planned publicly-owned Great British Energy (GBE) firm.
£500m will be dedicated to support the UK’s hydrogen-based companies, such as ITM Power. In addition, the manifesto has stated there will be investments in carbon capture and storage, hydrogen and marine energy to ensure the country has long-term energy storage to meet demands.
The manifesto added, “Labour’s National Wealth Fund will directly invest in ports, hydrogen and industrial clusters in every corner of the country.
“The clean energy transition represents a huge opportunity to generate growth, tackle the cost-of-living and make Britain energy independent once again.”
There has also been a recommitment to an “Energy Independence Bill” to establish the framework for Labour’s energy and climate policies.
British physician and Former Chief Scientific Adviser, Sir Patrick Vallance said, “We desperately need to end the era of high energy bills, excessive carbon emissions and energy insecurity by accelerating the transition to clean, homegrown energy.
“We can be the innovators and the implementers, helping ourselves and exporting our solutions worldwide. But if we choose to go slowly, others will provide the answers, and ultimately we’ll end up buying these solutions rather than selling them.”
Through GBE, Labour aims to “deliver power back to the British people.” The manifesto read, “We will embrace the future of energy production and storage which will make use of existing offshore infrastructure and the skills of our offshore workforce.”
Hydrogen UK CEO, Clare Jackson, said that while its members are “particularly encouraged” by the proposals, she stressed the need for a clear timeline and specific objectives.
“It is of course crucial that a clear timeframe and specifics of policy objectives and targets are put in place as soon as possible, regardless of which party wins the general election, to ensure the UK builds a world-leading hydrogen economy,” Jackson said.
The Labour Party is expected to form a government following the Conservative Party’s 14-year stint in parliament. As it stands, the Labour Party retains a commanding lead over the Tories ahead of the July 4 election, with 43% and 22%, respectively, as of June 12 2024.
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