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Net zero
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A key Conservative pledge is to deliver net zero by 2050. However, they have not committed to decarbonise the UK power system until 2035.
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Labour have taken a different stance and whilst not making net zero by 2050 a manifesto pledge, they have committed to decarbonising the UK power system by 2030.
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Oil and gas
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Legislate to ensure annual licensing rounds for oil and gas production from the North Sea.
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Ensure a phased and responsible transition in the North Sea.
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Not revoke existing licences and manage our existing fields for the entirety of their lifespan.
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Not issue new licences to explore new fields.
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The windfall tax on oil and gas companies introduced in 2022 to be kept in place until 2028-29, unless prices fall back to normal sooner.
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Set up Great British Energy, a publicly owned company, to cut bills and boost energy security, paid for by a windfall tax on oil and gas giants.
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Extend the sunset clause in the Energy Profits Levy until the end of the next parliament. Increase the rate of the levy by three percentage points.
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Maintain the investment allowances.
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Remove the investment allowances.
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Build new gas power stations.
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Maintain a strategic reserve of gas power stations.
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Renewables
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Treble our offshore wind capacity.
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Quadruple our offshore wind capacity.
Double our onshore wind capacity.
Triple solar power.
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Nuclear
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Approve two new fleets of Small Modular Reactors and halve the time it takes for new nuclear reactors to be approved.
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A more general statement is given, committing to supporting new nuclear including Small Modular Reactors.
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A new gigawatt power plant at Wylfa.
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Carbon capture / hydrogen
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Build the first two carbon capture and storage clusters.
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National Wealth Fund to have:
- £1 billion to accelerate the deployment of carbon capture.
- £500 million to support the manufacturing of green hydrogen.
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Energy transition
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Invest £1.1 billion into the Green Industries Growth Accelerator to support British manufacturing capabilities, boost supply chains and ensure our energy transition is made in Britain.
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Great British Energy, a new publicly owned company capitalised with £8.3 billion, to partner with companies and authorities to install thousands of clean power projects: onshore wind, solar, and hydropower.
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Provide a bonus, on top of contract payments that support offshore wind, to reward energy firms that invest in manufacturing in the most disadvantaged places in the UK or invest in more sustainable supply chains.
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Reward clean energy developers with a British Jobs Bonus, allocating up to £500 million per year from 2026, to incentivise firms who offer good jobs, terms and conditions and build their manufacturing supply chains in our industrial heartlands, coastal areas, and energy communities.
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