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UK’s Green Party Plans to Up Offshore Wind, Solar Targets

POWER
Homepagemarkets-real-timeBulletUKBank Of England (BOE) Market News

The UK’s Green Party has launched its manifesto, with plans to increase the UK’s offshore wind target to 80GW by 2035 from 50GW by 2030, with its solar targets upped to 100GW from 70GW for the same deadline, according to Bloomberg.

  • If these targets are met, that would mean 70% of the UK’s generation mix would come from wind.
  • Fossil fuels would also be phased out, with the party advocating to end all gas, and oil subsidies and end to new North Sea oil and gas licensing.
  • The plan also includes giving £2bn of support for business decarbonisation annually and implementing a carbon tax of £120/t CO2e applied to fossil fuel and heavy industry before increasing it to £500/t CO2e and expanding to other sectors over the next decade.
  • Additionally, £9bn will be allocated over 5 years to subsidise the transition of heat pumps for homes and non-domestic buildings.
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The UK’s Green Party has launched its manifesto, with plans to increase the UK’s offshore wind target to 80GW by 2035 from 50GW by 2030, with its solar targets upped to 100GW from 70GW for the same deadline, according to Bloomberg.

  • If these targets are met, that would mean 70% of the UK’s generation mix would come from wind.
  • Fossil fuels would also be phased out, with the party advocating to end all gas, and oil subsidies and end to new North Sea oil and gas licensing.
  • The plan also includes giving £2bn of support for business decarbonisation annually and implementing a carbon tax of £120/t CO2e applied to fossil fuel and heavy industry before increasing it to £500/t CO2e and expanding to other sectors over the next decade.
  • Additionally, £9bn will be allocated over 5 years to subsidise the transition of heat pumps for homes and non-domestic buildings.