Labour’s commitment to maintain investment in clean energy manufacturing can deliver jobs & growth

8 February 2024 - RenewableUK press release

Commenting on the Labour Party’s decision to amend its green investment policies, RenewableUK’s Chief Executive Dan McGrail said: 

“It’s encouraging that the Labour Party remains clear, publicly and privately, about its continued commitment to develop renewable energy as a means of driving economic growth across the UK. Crucially, in their updated plan, they are maintaining their pledges to providing incentives for clean energy manufacturing to build up new supply chains, including investment in ports to turn them into industrial hubs for offshore wind.

The offshore wind sector alone already employs thousands of workers at factories in coastal communities like Hull, Blyth, Hartlepool and the Isle of Wight. With the right support, the offshore wind supply chain could grow contribute £92bn to the UK economy by 2040. We’re pleased Labour recognises that opportunity.

“We should acknowledge that the bulk of funding for the energy transition is coming, and will come, from the private sector, but a stable and predictable business environment is critical in mobilising high levels of private investment. With the right policy framework in place, the renewable energy industry stands ready to invest billions in the UK, creating new jobs, increasing energy security and delivering low cost electricity for billpayers.

"We would encourage Labour to continue to take a partnership approach with us in developing an industrial strategy for the offshore wind sector and other key clean energy technologies. This is vital at a time when the USA and the EU countries are offering significant financial incentives to attract supply chain investments”.

(ends)

Notes

For further information, contact

Robert Norris, Head of Communications
07969 229 913 Robert.Norris@RenewableUK.com

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