In his speech during the State Opening of Parliament in London, King Charles III outlined the priorities of the new Labour istration. He emphasized the urgent need to tackle the global climate challenge and the potential job opportunities that can arise from pioneering future technologies. 1u723c

“My government recognizes the urgency of the global climate challenge and the new job opportunities that can come from leading the development of the technologies of the future. It is committed to a clean energy transition which will lower energy bills for consumers over time,” the monarch stated.

Great British Energy: a publicly owned powerhouse

The King confirmed that a Bill will be introduced to establish Great British Energy, a publicly owned clean power company headquartered in Scotland. This new entity aims to accelerate investment in renewable energy, including offshore wind.

“A Bill will be introduced to set up Great British Energy, a publicly owned clean power company headquartered in Scotland, which will help accelerate investment in renewable energy such as offshore wind,” King Charles III declared. “Legislation will be brought forward to help the country achieve energy independence and unlock investment in energy infrastructure,” he said.

ing sustainable aviation and water quality

The monarch also highlighted additional legislative efforts aimed at addressing environmental and infrastructure challenges. He announced:

- “A Bill will be introduced to sustainable aviation fuel production [Sustainable Aviation Fuel (Revenue Mechanism) Bill],” which aims to foster the development of sustainable aviation technologies.

- “My government recognizes the need to improve water quality and a Bill will be introduced to strengthen the powers of the water regulator [Water (Special Measures) Bill],” to ensure better management and protection of water resources.

Industry reactions

The response from the energy and environmental sector to King Carlos III's announcements has been positive, with several key figures expressing for the proposed measures. Below are some of the most prominent reactions.

RenewableUK’s perspective

Ana Musat, RenewableUK’s Executive Director of Policy, welcomed the measures announced in the King’s Speech. “The King’s Speech provides a range of welcome measures that are essential for accelerating the energy transition and generating economic growth. It is particularly welcome to see the announcement of a Planning and Infrastructure Bill, to ensure that essential infrastructure can be deployed without delay.”

She also emphasized the importance of setting up Great British Energy to mobilize investment into renewables and local community engagement. “Ensuring this institution works well alongside the National Wealth Fund and other financial institutions will be essential to enable the private sector to mobilize the finance required to deliver the energy transition: in offshore wind alone, £100bn of private investment will be needed to deliver Labour’s target of 60 gigawatts by 2030.”

Aquaterra Energy’s insights

George Morrison, CEO of Aquaterra Energy, remarked on the significant investment in GB Energy. “The £7bn investment in GB Energy is a pivotal step toward reinforcing the UK’s leadership in the energy transition. With Labour's manifesto commitments to quadrupling offshore wind capacity by 2030, earmarking £1bn for carbon capture and storage and £500m for green hydrogen, we can advance crucial sectors.”

Morrison stressed the necessity of sustained investment and an innovative supply chain to deliver these projects at the required pace, ensuring a sustainable energy future and unlocking the economic benefits of the energy transition in the UK.

The creation of Great British Energy marks a significant step in the UK's journey towards a clean energy future. With legislative and industry collaboration, the UK is poised to become a leader in renewable energy and sustainable technologies.