King Charles III delivered the Kings Speech during the State Opening of Parliament on 17 July 2024. The speech included a focus on commitment to sustainable energy development and improving infrastructure to support this transition.
CRA’s Tilmann Hensel-Roth was quoted in Gasworld and Electrical Times with his commentary on the speech:
“The role of government in supporting the energy transition is multifaceted and one where, until the details are clear, can only be cautiously speculated on. The £8.3 billion allocated to GB Energy may seem modest in the context of the UK’s energy transition, but its potential impact is substantial. By focusing on new technologies, GB Energy can lower the cost of capital for investors, accelerating the deployment of innovative energy solutions on a larger scale. With favourable conditions, GB Energy could expand to larger-scale investments.
The concept is not without precedent; the Green Investment Bank, which was broadly successful after its 2012 launch and now operates as the Green Investment Group within Macquarie Group, serves as a model. Success for GB Energy will depend on strong investment strategies, a deep understanding of the energy system, and the ability to build robust businesses. Given the UK’s leadership in relevant fields, this initiative could substantially contribute to the nation’s net zero commitments.
However, GB Energy alone cannot achieve net zero targets. The new administration’s broader energy policies and legislative framework will be crucial in realising ambitions.”
