The Labour Party will invest £500m in green hydrogen and £2.5bn in transitioning steel over 10 years should it return to power in July, according to its manifesto published today.
It has pledged to decarbonising industrial clusters in every corner of the country, with an additional investment of £1bn over the parliament. Labour describes Net Zero as the ‘economic opportunity of the 21st century’.
“With the right policies, it can also create hundreds of thousands of good jobs in the industries of the future in every region of this country and increase our energy security, weaning us off our reliance on fossil fuels and dictators like Putin,” it states.
Labour will allocate funding from the 2025-26 contract for difference auction round to provide capital grants to incentivise companies developing clean technologies such as offshore wind, onshore wind, solar, hydrogen, and carbon capture and storage (CCS). It has previously announced it will set up Great British Energy, a publicly owned clean energy company, to drive decarbonisation.
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