Labour returns to £8bn green bank

Labour has set out plans for a national infrastructure fund that would support green projects, such as windfarms and battery plants, with an initial pot of £8bn.

Shadow Chancellor Rachel Reeves set out the plans that could see blended finance for a swathe of renewable projects, echoing the short-lived Conservative Green Investment Bank that rand from 2012 until being sold to the Macquarie Group five years later.

Labour acknowledged that the fund would be expected to invest heavily in regional areas.

The Labour Party has already committed to spend £28bn of its vision of a green transition, and Sir Keir Starmer has stated his desire to turn the UK into a “clean energy superpower”. The Shadow Climate Change and Net Zero Secretary, Ed Miliband, added: “It is time to take back control of Britain’s economic destiny by making sure that we build the industries of the future in our towns and cities. An economy by the many for the many.”

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