Sir Keir Starmer made the creation of GB Energy a key priority (Image: Getty)
Labour has been accused of “wasting taxpayers’ money” through the creation of GB Energy.
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The Great British Energy Bill in the King’s Speech will create a new state-owned energy company which will invest alongside the private sector in big projects facilitating the decarbonisation of the electricity grid.
The government said the firm would be backed by ￡8.3bn of public money over the parliament, with significant private sector investment required to fund a decarbonised power system.
Sam Hall, the Conservative Environment Network’s director, said: “Environmentalists should welcome the ambitions of the new government to decarbonise further.
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"Indeed, pro-growth planning reforms for clean energy are a welcome removal of state-imposed barriers to private enterprise.
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"But the Labour government risks taking a more expensive route to net zero with some of the ‘big state’ legislation, potentially undermining long-term support for climate action.
"Conservative governments delivered the fastest decarbonisation in the G7 by unlocking private investment. But GB Energy risks crowding out private capital, wasting taxpayers’ money, and duplicating existing government bodies.
"Market-based solutions - such as competitive auctions, private investment in the grid, and a liberalised planning regime - would get clean energy built at lower cost."
GB Energy will not supply power to homes but it is designed to help fund existing and new clean technologies and work with local communities to develop small and medium-sized renewable projects.
The King said the legislation would "help the country achieve energy independence and unlock investment in energy infrastructure".
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Shimeon Lee, researcher at the TaxPayers' Alliance, said: "Taxpayers will not be shocked that Labour's plans to deliver cheap energy involves simply setting up yet another government body.
"Politicians love to claim that the next quango will solve the issue, when really it just means more big budget bureaucracy with little in the way of results. This is particularly the case with energy, given the new government's relentless determination to drive for net zero and the costs that this will entail.
"Labour should ditch the gimmicks and focus on expanding supply and boosting investment."
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The Government hopes to create 100% renewable electricity by 2030 with GB Energy.
Labour cut its green investment plans by half in February
Prime Minister Sir Keir Starmer and Chancellor Rachel Reeves jointly announced they would slash the green prosperity plan from ￡28 billion a year to under ￡15 billion – only a third of which would be new money.
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