UK to Own Clean Energy Assets Through State-Backed GB Energy.

The UK government plans to establish a state-owned company called Great British Energy to own and operate clean energy assets. The company will receive £8.3 billion of taxpayer money and collaborate with the private sector. This move is part of Labour's energy strategy to increase public investment in the transition away from fossil fuels. The government aims to play a larger role in reaching climate goals and reducing energy bills. The company's specific investments are yet to be determined, but they will focus on clean energy production, distribution, storage, and greenhouse gas emissions reduction. Additionally, the government plans to overhaul the operations of the Crown Estate to secure new offshore wind seabed leases and invest in digital technologies and port infrastructure. Labour intends to fund its green energy plans through a windfall tax on oil and gas companies. [Extracted from the article]