Thank you to all those who have contacted me about public investment to develop a greener economy and delivering clean power by 2030.

Like my Labour Party colleagues, I am committed to a green prosperity plan which will to deliver on clean power by 2030, permanently take hundreds of pounds off of energy bills, create half a million good jobs, and make Britain energy independent.

Governments – like successful businesses – borrow to invest and grow. That is why I supported plans to invest £28 billion through the green prosperity plan when it was announced in 2021. This must be underpinned by a credible long-term plan and the exercise of responsibility with the public finances.

Unfortunately, since 2021, the circumstances have changed significantly. The Government has damaged our economy, increasing debt and putting people’s livelihoods at risk. Furthermore, the Government has chosen to ignore the lessons of its mistakes, with the prospect of additional measures to come that will further undermine our country’s finances. This means that we will not be able to reach £28 billion a year during the next Parliament.

Nevertheless, I remain committed to an ambitious and bold climate and energy agenda which will provide vital investment in Britain’s future. This will be funded by a proper windfall tax on oil and gas giants alongside borrowing to invest within iron-clad fiscal rules.

I support plans to invest in good jobs in all parts of the country with a £7.3 billion national wealth fund which will unlock tens of billions of pounds of private sector investment. This will go towards gigafactories, clean steel plants, renewable-ready ports, green hydrogen, and energy storage. I also support a warm homes plan to upgrade Britain’s homes and cut energy bills, investing a further £6.6 billion which will double the money already committed by the Government.

On top of this, I support establishing Great British Energy, a publicly owned energy company to invest in clean homegrown power. This comes with capital of £8.3 billion, including £3.3 billion for a local power plan to invest in clean energy for local communities and enough funding to accelerate nuclear projects and position the UK as a world leader in floating offshore wind.

This is the right plan for our economy and our environment. It is one which will lower energy bills, create good jobs, boost our energy independence, and deliver climate leadership.