The government has set aside £8.3bn to invest in new windfarms and solar projects to establish the state-owned energy company, GB Energy. Energy secretary Ed Miliband has said that it will take time for the company to start making money, as the legislation needs to go through the House of Commons first. Miliband emphasized the importance of moving away from fossil fuels to gain more control over energy prices and security, especially in light of global events like the actions of leaders such as Vladimir Putin.
Miliband also pledged that the move towards clean, homegrown British energy will lead to lower bills in the future. The government’s goal is to make the UK a “clean energy superpower” and tackle the climate crisis with the creation of GB Energy. The company will receive public funding to invest in green technologies, with a focus on offshore wind power development.
Despite criticism that more funding is needed for effective changes, Miliband defended the plan, stating that it is a combination of private and public investment. He emphasized the government’s commitment to fast-track the transition to cleaner energy sources for the benefit of the British people. GB Energy is seen as a crucial tool to tackle energy insecurity and reduce the country’s dependence on fossil fuels, ultimately leading to a more secure and sustainable energy future.
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