Labour’s Green Prosperity Plan is our landmark plan to grow our economy, cut energy bills once and for all, and make Britain energy independent.  It will be funded by a windfall tax on the oil and gas giants and borrowing to invest within Labour’s fiscal rules.

The centrepiece of the package is Great British Energy, a publicly owned energy company to take back control of the energy system on behalf of the British people. It will be given an ambitious initial capitalisation of £8.3 billion in the next Parliament, which includes the £3.3 billion already announced for the party’s Local Power Plan, to invest in clean homegrown power generation that can cut bills for families, create jobs across the country, and end the UK’s energy insecurity under the Conservatives.

Taken as a whole, Labour’s ambitious plans will:

• Switch on Great British Energy, a publicly-owned energy company to invest in clean homegrown power, capitalised with £8.3bn, including the Local Power Plan (£3.3bn) to invest in clean energy for local communities. This capitalisation is sufficient for GB Energy to position the UK as a world leader in floating off-shore wind.
• A National Wealth Fund to invest in British industries such as electric vehicle
  production, ports, clean steel, hydrogen, carbon capture and storage and capitalised
  with £7.3bn.
• A British Jobs Bonus to crowd private investment into Britain’s industrial heartlands, with up to £500m per year from 2026-27 as we build domestic industries and jobs.
• A Warm Homes Plan to upgrade Britain’s homes and cut energy bills, investing a
  further £6.6bn to double the Government’s already committed £6.6bn.
• A Plan to Rewire Britain, unlocking billions of private investment by reforming the
  planning system and the grid, accelerating energy projects and industry connections.
• And making the UK the green finance capital of the world with mandatory 1.5Caligned transition plans for major companies and financial institutions.
  The policies in the Green Prosperity Plan, representing £23.7 billion of investmen