Categories
Uncategorized

Wind and solar only hope if world is to cap global warming at 1.77°C

Article Republished By Javier Troconis

Vestas construction wind farm sunset

Total

0

Shares

The latest major report on the energy transition and global climate targets says massive investment in wind and solar, supported by other technologies, is the only real hope of capping average global warming at around 1.77°C.

The latest New Energy Outlook, produced by Bloomberg New Energy Finance, suggests that the 1.5°C aspirational target from the Paris climate deal is probably already out of reach.

But modelling for BNEF’s Net Zero Scenario indicates the world can stay on track for 1.77°C, and global net zero by 2050, with rapid deployments of clean power generation, mass electrification, and, to a lesser extent, carbon capture and storage and hydrogen.

All of that that will require a quadrupling of investment in wind and solar in coming years, and will cost around $US194 trillion over 30 years – half of it in electric vehicles, and around one quarter of it in new green energy.

BNEF says switching power generation from fossil fuels to green energy is the single biggest contributor to global emissions reduction, accounting for half of all emissions abated over 2022-50 (See graph above).

Most of this is wind and solar which will displaced unabated fossil fuels, supported by other renewables and nuclear.

By 2050, the BNEF report says, the global power system will be dominated by wind (48 per cent of generation) and solar (26 per cent), which together account for three quarters of production from a vastly expanded grid that accommodates the electrification of transport, buildings and industry.

Source: BNEF. Left graph shows “no transition” scenario based on current policies, and “net zero” scenario on the right.

The the rest of the power supply by 2050 is provided by other renewables (7 per cent), nuclear (9 per cent), and less than 10 per cent combined for hydrogen and coal or gas with carbon capture. (See graphs above).

BNEF says electrification of transport and industrial processes, buildings and heat – using steadily lower-carbon electricity – is the next biggest contributor to emissions reductions, abating about a quarter of total emissions over the period.

The technologies already exist, but are not yet being deployed fast enough. The remainder of the required emissions cuts come from demand-side efficiency gains and recycling, hydrogen, bioenergy and carbon capture and storage.

BNEF says the key is to move quickly while a small window of opportunity remains open. It says investment in green energy needs to at least treble that in fossil fuels, and the world’s big coal-dominated economies – China, India and Australia – need to switch quickly to renewables and electrify transport, industry and buildings.

Source: BNEF

The country by country breakdown highlights the importance of wind and solar in the abatement task, particularly of big emitters such as China, India and Australia where it accounts for more than half of all abatement in the net zero scenario.

Electrification also plays an important role, particularly in those countries which have already achieved a significant reduction in emissions in their respective grids.

The BNEF report says Australia, along with the US, Germany and Japan should achieve their stated UN climate targets, or at least come very close, as long as they take decisive action and raise their ambition for deep decarbonations.

It notes, however, that the UK and France will likely miss their UN targets.

Even in the Economic Transition Scenario, which has the world on track for 2.6°C of warming, and is based on current policies, wind and solar dominate new investment, accounting – along with battery storage – for an overwhelming 85% of the 23 terawatts of new power capacity additions installed over the next three decades.

In this scenario, however, power sector emissions fall by 57%, and emissions in the overall transportation sector fall by 22% to 2050, driven by the road segment’s transition to electric vehicles. It’s not enough to cap average global warming at 2.0°C warming.

The energy transition in the power sector is well under way, and our modeling shows global emissions in the power sector peak around 2023,” says Matthias Kimmel, team leader for energy economics at BNEF.

“Despite the recent inflationary pressures, renewables remain competitive and the gap between renewables and fossil fuels continues to widen. We’re on the right track, but there is still much more work needed to push for solutions we already know make economic sense.”

The net zero scenario does offer a one third chance of capping global warming at 1.5°C, although the most likely outcome is 1.77°C.

“Our Net Zero Scenario shows that a credible pathway to meet the goals of the Paris Agreement still exists, but getting there requires immediate action,”says David Hostert, global head of economics and modelling at BNEF and lead author of the report.

“Clean power deployment needs to quadruple by 2030, in addition to a major investment in carbon capture and storage, advanced nuclear technologies, and hydrogen.

“To get on track this decade, there needs to be $3 invested in low-carbon supply for every $1 in fossil-fuel supply. There are also critical enabling factors to consider: electrification and economic growth will quadruple the planet’s power demand by 2050.

“We need to see a massive acceleration in the build-out of power grids, manufacturing capacity for low carbon technologies, and supply of critical metals and materials. These could become painful bottlenecks tomorrow, if left unaddressed today.”

Total

0

Shares

Categories
Uncategorized

Wind and solar only hope if world is to cap global warming at 1.77°C

Article Republished By Javier Troconis

Vestas construction wind farm sunset

Total

0

Shares

The latest major report on the energy transition and global climate targets says massive investment in wind and solar, supported by other technologies, is the only real hope of capping average global warming at around 1.77°C.

The latest New Energy Outlook, produced by Bloomberg New Energy Finance, suggests that the 1.5°C aspirational target from the Paris climate deal is probably already out of reach.

But modelling for BNEF’s Net Zero Scenario indicates the world can stay on track for 1.77°C, and global net zero by 2050, with rapid deployments of clean power generation, mass electrification, and, to a lesser extent, carbon capture and storage and hydrogen.

All of that that will require a quadrupling of investment in wind and solar in coming years, and will cost around $US194 trillion over 30 years – half of it in electric vehicles, and around one quarter of it in new green energy.

BNEF says switching power generation from fossil fuels to green energy is the single biggest contributor to global emissions reduction, accounting for half of all emissions abated over 2022-50 (See graph above).

Most of this is wind and solar which will displaced unabated fossil fuels, supported by other renewables and nuclear.

By 2050, the BNEF report says, the global power system will be dominated by wind (48 per cent of generation) and solar (26 per cent), which together account for three quarters of production from a vastly expanded grid that accommodates the electrification of transport, buildings and industry.

Source: BNEF. Left graph shows “no transition” scenario based on current policies, and “net zero” scenario on the right.

The the rest of the power supply by 2050 is provided by other renewables (7 per cent), nuclear (9 per cent), and less than 10 per cent combined for hydrogen and coal or gas with carbon capture. (See graphs above).

BNEF says electrification of transport and industrial processes, buildings and heat – using steadily lower-carbon electricity – is the next biggest contributor to emissions reductions, abating about a quarter of total emissions over the period.

The technologies already exist, but are not yet being deployed fast enough. The remainder of the required emissions cuts come from demand-side efficiency gains and recycling, hydrogen, bioenergy and carbon capture and storage.

BNEF says the key is to move quickly while a small window of opportunity remains open. It says investment in green energy needs to at least treble that in fossil fuels, and the world’s big coal-dominated economies – China, India and Australia – need to switch quickly to renewables and electrify transport, industry and buildings.

Source: BNEF

The country by country breakdown highlights the importance of wind and solar in the abatement task, particularly of big emitters such as China, India and Australia where it accounts for more than half of all abatement in the net zero scenario.

Electrification also plays an important role, particularly in those countries which have already achieved a significant reduction in emissions in their respective grids.

The BNEF report says Australia, along with the US, Germany and Japan should achieve their stated UN climate targets, or at least come very close, as long as they take decisive action and raise their ambition for deep decarbonations.

It notes, however, that the UK and France will likely miss their UN targets.

Even in the Economic Transition Scenario, which has the world on track for 2.6°C of warming, and is based on current policies, wind and solar dominate new investment, accounting – along with battery storage – for an overwhelming 85% of the 23 terawatts of new power capacity additions installed over the next three decades.

In this scenario, however, power sector emissions fall by 57%, and emissions in the overall transportation sector fall by 22% to 2050, driven by the road segment’s transition to electric vehicles. It’s not enough to cap average global warming at 2.0°C warming.

The energy transition in the power sector is well under way, and our modeling shows global emissions in the power sector peak around 2023,” says Matthias Kimmel, team leader for energy economics at BNEF.

“Despite the recent inflationary pressures, renewables remain competitive and the gap between renewables and fossil fuels continues to widen. We’re on the right track, but there is still much more work needed to push for solutions we already know make economic sense.”

The net zero scenario does offer a one third chance of capping global warming at 1.5°C, although the most likely outcome is 1.77°C.

“Our Net Zero Scenario shows that a credible pathway to meet the goals of the Paris Agreement still exists, but getting there requires immediate action,”says David Hostert, global head of economics and modelling at BNEF and lead author of the report.

“Clean power deployment needs to quadruple by 2030, in addition to a major investment in carbon capture and storage, advanced nuclear technologies, and hydrogen.

“To get on track this decade, there needs to be $3 invested in low-carbon supply for every $1 in fossil-fuel supply. There are also critical enabling factors to consider: electrification and economic growth will quadruple the planet’s power demand by 2050.

“We need to see a massive acceleration in the build-out of power grids, manufacturing capacity for low carbon technologies, and supply of critical metals and materials. These could become painful bottlenecks tomorrow, if left unaddressed today.”

Total

0

Shares

Categories
Uncategorized

Wind and solar only hope if world is to cap global warming at 1.77°C

Article Republished By Javier Troconis

Vestas construction wind farm sunset

Total

0

Shares

The latest major report on the energy transition and global climate targets says massive investment in wind and solar, supported by other technologies, is the only real hope of capping average global warming at around 1.77°C.

The latest New Energy Outlook, produced by Bloomberg New Energy Finance, suggests that the 1.5°C aspirational target from the Paris climate deal is probably already out of reach.

But modelling for BNEF’s Net Zero Scenario indicates the world can stay on track for 1.77°C, and global net zero by 2050, with rapid deployments of clean power generation, mass electrification, and, to a lesser extent, carbon capture and storage and hydrogen.

All of that that will require a quadrupling of investment in wind and solar in coming years, and will cost around $US194 trillion over 30 years – half of it in electric vehicles, and around one quarter of it in new green energy.

BNEF says switching power generation from fossil fuels to green energy is the single biggest contributor to global emissions reduction, accounting for half of all emissions abated over 2022-50 (See graph above).

Most of this is wind and solar which will displaced unabated fossil fuels, supported by other renewables and nuclear.

By 2050, the BNEF report says, the global power system will be dominated by wind (48 per cent of generation) and solar (26 per cent), which together account for three quarters of production from a vastly expanded grid that accommodates the electrification of transport, buildings and industry.

Source: BNEF. Left graph shows “no transition” scenario based on current policies, and “net zero” scenario on the right.

The the rest of the power supply by 2050 is provided by other renewables (7 per cent), nuclear (9 per cent), and less than 10 per cent combined for hydrogen and coal or gas with carbon capture. (See graphs above).

BNEF says electrification of transport and industrial processes, buildings and heat – using steadily lower-carbon electricity – is the next biggest contributor to emissions reductions, abating about a quarter of total emissions over the period.

The technologies already exist, but are not yet being deployed fast enough. The remainder of the required emissions cuts come from demand-side efficiency gains and recycling, hydrogen, bioenergy and carbon capture and storage.

BNEF says the key is to move quickly while a small window of opportunity remains open. It says investment in green energy needs to at least treble that in fossil fuels, and the world’s big coal-dominated economies – China, India and Australia – need to switch quickly to renewables and electrify transport, industry and buildings.

Source: BNEF

The country by country breakdown highlights the importance of wind and solar in the abatement task, particularly of big emitters such as China, India and Australia where it accounts for more than half of all abatement in the net zero scenario.

Electrification also plays an important role, particularly in those countries which have already achieved a significant reduction in emissions in their respective grids.

The BNEF report says Australia, along with the US, Germany and Japan should achieve their stated UN climate targets, or at least come very close, as long as they take decisive action and raise their ambition for deep decarbonations.

It notes, however, that the UK and France will likely miss their UN targets.

Even in the Economic Transition Scenario, which has the world on track for 2.6°C of warming, and is based on current policies, wind and solar dominate new investment, accounting – along with battery storage – for an overwhelming 85% of the 23 terawatts of new power capacity additions installed over the next three decades.

In this scenario, however, power sector emissions fall by 57%, and emissions in the overall transportation sector fall by 22% to 2050, driven by the road segment’s transition to electric vehicles. It’s not enough to cap average global warming at 2.0°C warming.

The energy transition in the power sector is well under way, and our modeling shows global emissions in the power sector peak around 2023,” says Matthias Kimmel, team leader for energy economics at BNEF.

“Despite the recent inflationary pressures, renewables remain competitive and the gap between renewables and fossil fuels continues to widen. We’re on the right track, but there is still much more work needed to push for solutions we already know make economic sense.”

The net zero scenario does offer a one third chance of capping global warming at 1.5°C, although the most likely outcome is 1.77°C.

“Our Net Zero Scenario shows that a credible pathway to meet the goals of the Paris Agreement still exists, but getting there requires immediate action,”says David Hostert, global head of economics and modelling at BNEF and lead author of the report.

“Clean power deployment needs to quadruple by 2030, in addition to a major investment in carbon capture and storage, advanced nuclear technologies, and hydrogen.

“To get on track this decade, there needs to be $3 invested in low-carbon supply for every $1 in fossil-fuel supply. There are also critical enabling factors to consider: electrification and economic growth will quadruple the planet’s power demand by 2050.

“We need to see a massive acceleration in the build-out of power grids, manufacturing capacity for low carbon technologies, and supply of critical metals and materials. These could become painful bottlenecks tomorrow, if left unaddressed today.”

Total

0

Shares

Categories
Uncategorized

WA’s largest wind farm launches new company to expand clean energy portfolio

Article Republished By Javier Troconis

WA's Collgar Wind Farm

Total

19

Shares

The owners of Western Australia’s largest wind farm, the 222MW Collgar facility have launched a newly formed company to look at expansion opportunities and build out a large portfolio of clean energy projects.

The Collgar wind farm produced its first electricity more than a decade ago in 2011, and recent improvements to its aerodynamics lifted the capacity from its 111 turbines from 207MW to 222MW.

Now, the owners of the Collgar Wind Farm – backed by the huge Retail Employees Superannuation Trust (Rest), which has $66 billion under management – are looking to build on their successful history and expand their clean energy assets.

Collgar Renewables is currently exploring a range of projects, including expansion potential, new renewable energy assets, and joint ventures, particularly in light of the government’s renewables and emissions targets.

“With the WA government’s plans to cut emissions by 80% below 2020 levels by 2030 our timing to diversify has been spot on, and we know this new approach will spur interest from the clean energy and investor market,” said Thomas Scott-Morey, the CEO of Collgar Renewables.

Total

19

Shares

Categories
Uncategorized

WA’s largest wind farm launches new company to expand clean energy portfolio

Article Republished By Javier Troconis

WA's Collgar Wind Farm

Total

19

Shares

The owners of Western Australia’s largest wind farm, the 222MW Collgar facility have launched a newly formed company to look at expansion opportunities and build out a large portfolio of clean energy projects.

The Collgar wind farm produced its first electricity more than a decade ago in 2011, and recent improvements to its aerodynamics lifted the capacity from its 111 turbines from 207MW to 222MW.

Now, the owners of the Collgar Wind Farm – backed by the huge Retail Employees Superannuation Trust (Rest), which has $66 billion under management – are looking to build on their successful history and expand their clean energy assets.

Collgar Renewables is currently exploring a range of projects, including expansion potential, new renewable energy assets, and joint ventures, particularly in light of the government’s renewables and emissions targets.

“With the WA government’s plans to cut emissions by 80% below 2020 levels by 2030 our timing to diversify has been spot on, and we know this new approach will spur interest from the clean energy and investor market,” said Thomas Scott-Morey, the CEO of Collgar Renewables.

Total

19

Shares

Categories
Uncategorized

WA’s largest wind farm launches new company to expand clean energy portfolio

Article Republished By Javier Troconis

WA's Collgar Wind Farm

Total

19

Shares

The owners of Western Australia’s largest wind farm, the 222MW Collgar facility have launched a newly formed company to look at expansion opportunities and build out a large portfolio of clean energy projects.

The Collgar wind farm produced its first electricity more than a decade ago in 2011, and recent improvements to its aerodynamics lifted the capacity from its 111 turbines from 207MW to 222MW.

Now, the owners of the Collgar Wind Farm – backed by the huge Retail Employees Superannuation Trust (Rest), which has $66 billion under management – are looking to build on their successful history and expand their clean energy assets.

Collgar Renewables is currently exploring a range of projects, including expansion potential, new renewable energy assets, and joint ventures, particularly in light of the government’s renewables and emissions targets.

“With the WA government’s plans to cut emissions by 80% below 2020 levels by 2030 our timing to diversify has been spot on, and we know this new approach will spur interest from the clean energy and investor market,” said Thomas Scott-Morey, the CEO of Collgar Renewables.

Total

19

Shares

Categories
Uncategorized

Labour calls on government to close £17bn ‘loopholes’ in energy windfall tax

Article Republished By Javier Troconis

Labour today accused the government of “botching” its windfall tax on North Sea oil and gas companies by leaving loopholes which the party calculates will cost the public finances £17bn.

In a challenge to Jeremy Hunt, Labour is today tabling an amendment to the bill enacting the chancellor’s autumn statement, demanding that he spell out the full cost of windfall tax allowances for fossil fuel firms.

Shadow chancellor Rachel Reeves said that the sums which could be raised by ditching the allowance – as well as backdating the windfall tax to the start of 2022 and matching Norway’s 78 per cent levy on its North Sea firms – was the equivalent of three years’ turnover for the UK wind power industry and could pay for the insulation of 6 million homes.

Her comments came as pressure mounted on Rishi Sunak to lift the effective ban on onshore windfarms in England.

Some 32 Conservatives have now signed a rebel amendment to allow onshore developments, with former cabinet ministers Nadine Dorries, Wendy Morton and Julian Knight bringing the tally close to the number needed to inflict Mr Sunak’s first Commons defeat as PM.

And a rival Labour amendment could go further, placing a duty on local authorities to identify potential sites for turbines.

Downing Street played down suggestions of an imminent U-turn on the onshore windfarm restrictions, which are so onerous that planning applications have dwindled almost to zero since their introduction in 2015.

Tory MP and former government whip Craig Whittaker told the Commons the policy was “stifling growth, stifling our march for net zero, and stifling our quest for security of supply”.

And shadow climate change secretary Ed Miliband said the policy is adding £150 to average household energy bills.

By doubling the UK’s onshore wind capacity, the government could save energy customers a combined total of £16bn by the end of the decade, he said.

But energy secretary Grant Shapps responded that it would continue to be the case that wind farms could be sited on land only “where there is local consent”.

Mr Miliband blamed Tory leaders since David Cameron for indulging “dinosaurs” on the Conservative benches who put a halt on the development of a technology viewed by environmentalists as the cheapest and cleanest source of electricity for the UK.

Mr Sunak himself vowed to maintain the ban as he battled for the votes of Conservative Party members during this summer’s leadership contest.

“The ban on onshore wind in England that they put in place in 2015 has raised bills for every family in this country by £150 each,” said Mr Miliband. “And keeping the ban in place up to 2030 would mean customers paying £16bn more on bills compared to a target of doubling onshore wind.”

Tabling Labour’s windfall tax proposals, Ms Reeves accused the government of making working people foot the bill for soaring energy prices.

She released analysis suggesting that the removal of allowances which save North Sea companies 45p for every pound they invest in fossil fuel extraction would raise £10.6bn over the six-year lifespan of the temporary windfall tax.

And she said that the government could have raised £2.6bn by following Labour plans to backdate the levy to the start of 2022 and £3.6bn by setting it at the Norwegian level of 78 per cent rather than 75 per cent.

“Britain deserves a government that will make fairer choices in the interest of working people,” said Ms Reeves.

“When it comes to the next election, the question people will be asking themselves is this: do I and my family feel better off under the Tories?

“With choices like this, the answer will be no.

“Labour would be making fairer choices – fairly taxing the windfall profits of war, instead of diving into working people’s pockets first.”

Categories
Uncategorized

Labour calls on government to close £17bn ‘loopholes’ in energy windfall tax

Article Republished By Javier Troconis

Labour today accused the government of “botching” its windfall tax on North Sea oil and gas companies by leaving loopholes which the party calculates will cost the public finances £17bn.

In a challenge to Jeremy Hunt, Labour is today tabling an amendment to the bill enacting the chancellor’s autumn statement, demanding that he spell out the full cost of windfall tax allowances for fossil fuel firms.

Shadow chancellor Rachel Reeves said that the sums which could be raised by ditching the allowance – as well as backdating the windfall tax to the start of 2022 and matching Norway’s 78 per cent levy on its North Sea firms – was the equivalent of three years’ turnover for the UK wind power industry and could pay for the insulation of 6 million homes.

Her comments came as pressure mounted on Rishi Sunak to lift the effective ban on onshore windfarms in England.

Some 32 Conservatives have now signed a rebel amendment to allow onshore developments, with former cabinet ministers Nadine Dorries, Wendy Morton and Julian Knight bringing the tally close to the number needed to inflict Mr Sunak’s first Commons defeat as PM.

And a rival Labour amendment could go further, placing a duty on local authorities to identify potential sites for turbines.

Downing Street played down suggestions of an imminent U-turn on the onshore windfarm restrictions, which are so onerous that planning applications have dwindled almost to zero since their introduction in 2015.

Tory MP and former government whip Craig Whittaker told the Commons the policy was “stifling growth, stifling our march for net zero, and stifling our quest for security of supply”.

And shadow climate change secretary Ed Miliband said the policy is adding £150 to average household energy bills.

By doubling the UK’s onshore wind capacity, the government could save energy customers a combined total of £16bn by the end of the decade, he said.

But energy secretary Grant Shapps responded that it would continue to be the case that wind farms could be sited on land only “where there is local consent”.

Mr Miliband blamed Tory leaders since David Cameron for indulging “dinosaurs” on the Conservative benches who put a halt on the development of a technology viewed by environmentalists as the cheapest and cleanest source of electricity for the UK.

Mr Sunak himself vowed to maintain the ban as he battled for the votes of Conservative Party members during this summer’s leadership contest.

“The ban on onshore wind in England that they put in place in 2015 has raised bills for every family in this country by £150 each,” said Mr Miliband. “And keeping the ban in place up to 2030 would mean customers paying £16bn more on bills compared to a target of doubling onshore wind.”

Tabling Labour’s windfall tax proposals, Ms Reeves accused the government of making working people foot the bill for soaring energy prices.

She released analysis suggesting that the removal of allowances which save North Sea companies 45p for every pound they invest in fossil fuel extraction would raise £10.6bn over the six-year lifespan of the temporary windfall tax.

And she said that the government could have raised £2.6bn by following Labour plans to backdate the levy to the start of 2022 and £3.6bn by setting it at the Norwegian level of 78 per cent rather than 75 per cent.

“Britain deserves a government that will make fairer choices in the interest of working people,” said Ms Reeves.

“When it comes to the next election, the question people will be asking themselves is this: do I and my family feel better off under the Tories?

“With choices like this, the answer will be no.

“Labour would be making fairer choices – fairly taxing the windfall profits of war, instead of diving into working people’s pockets first.”

Categories
Uncategorized

Labour calls on government to close £17bn ‘loopholes’ in energy windfall tax

Article Republished By Javier Troconis

Labour today accused the government of “botching” its windfall tax on North Sea oil and gas companies by leaving loopholes which the party calculates will cost the public finances £17bn.

In a challenge to Jeremy Hunt, Labour is today tabling an amendment to the bill enacting the chancellor’s autumn statement, demanding that he spell out the full cost of windfall tax allowances for fossil fuel firms.

Shadow chancellor Rachel Reeves said that the sums which could be raised by ditching the allowance – as well as backdating the windfall tax to the start of 2022 and matching Norway’s 78 per cent levy on its North Sea firms – was the equivalent of three years’ turnover for the UK wind power industry and could pay for the insulation of 6 million homes.

Her comments came as pressure mounted on Rishi Sunak to lift the effective ban on onshore windfarms in England.

Some 32 Conservatives have now signed a rebel amendment to allow onshore developments, with former cabinet ministers Nadine Dorries, Wendy Morton and Julian Knight bringing the tally close to the number needed to inflict Mr Sunak’s first Commons defeat as PM.

And a rival Labour amendment could go further, placing a duty on local authorities to identify potential sites for turbines.

Downing Street played down suggestions of an imminent U-turn on the onshore windfarm restrictions, which are so onerous that planning applications have dwindled almost to zero since their introduction in 2015.

Tory MP and former government whip Craig Whittaker told the Commons the policy was “stifling growth, stifling our march for net zero, and stifling our quest for security of supply”.

And shadow climate change secretary Ed Miliband said the policy is adding £150 to average household energy bills.

By doubling the UK’s onshore wind capacity, the government could save energy customers a combined total of £16bn by the end of the decade, he said.

But energy secretary Grant Shapps responded that it would continue to be the case that wind farms could be sited on land only “where there is local consent”.

Mr Miliband blamed Tory leaders since David Cameron for indulging “dinosaurs” on the Conservative benches who put a halt on the development of a technology viewed by environmentalists as the cheapest and cleanest source of electricity for the UK.

Mr Sunak himself vowed to maintain the ban as he battled for the votes of Conservative Party members during this summer’s leadership contest.

“The ban on onshore wind in England that they put in place in 2015 has raised bills for every family in this country by £150 each,” said Mr Miliband. “And keeping the ban in place up to 2030 would mean customers paying £16bn more on bills compared to a target of doubling onshore wind.”

Tabling Labour’s windfall tax proposals, Ms Reeves accused the government of making working people foot the bill for soaring energy prices.

She released analysis suggesting that the removal of allowances which save North Sea companies 45p for every pound they invest in fossil fuel extraction would raise £10.6bn over the six-year lifespan of the temporary windfall tax.

And she said that the government could have raised £2.6bn by following Labour plans to backdate the levy to the start of 2022 and £3.6bn by setting it at the Norwegian level of 78 per cent rather than 75 per cent.

“Britain deserves a government that will make fairer choices in the interest of working people,” said Ms Reeves.

“When it comes to the next election, the question people will be asking themselves is this: do I and my family feel better off under the Tories?

“With choices like this, the answer will be no.

“Labour would be making fairer choices – fairly taxing the windfall profits of war, instead of diving into working people’s pockets first.”

Categories
Uncategorized

Labour calls on government to close £17bn ‘loopholes’ in energy windfall tax

Article Republished By Javier Troconis

Labour today accused the government of “botching” its windfall tax on North Sea oil and gas companies by leaving loopholes which the party calculates will cost the public finances £17bn.

In a challenge to Jeremy Hunt, Labour is today tabling an amendment to the bill enacting the chancellor’s autumn statement, demanding that he spell out the full cost of windfall tax allowances for fossil fuel firms.

Shadow chancellor Rachel Reeves said that the sums which could be raised by ditching the allowance – as well as backdating the windfall tax to the start of 2022 and matching Norway’s 78 per cent levy on its North Sea firms – was the equivalent of three years’ turnover for the UK wind power industry and could pay for the insulation of 6 million homes.

Her comments came as pressure mounted on Rishi Sunak to lift the effective ban on onshore windfarms in England.

Some 32 Conservatives have now signed a rebel amendment to allow onshore developments, with former cabinet ministers Nadine Dorries, Wendy Morton and Julian Knight bringing the tally close to the number needed to inflict Mr Sunak’s first Commons defeat as PM.

And a rival Labour amendment could go further, placing a duty on local authorities to identify potential sites for turbines.

Downing Street played down suggestions of an imminent U-turn on the onshore windfarm restrictions, which are so onerous that planning applications have dwindled almost to zero since their introduction in 2015.

Tory MP and former government whip Craig Whittaker told the Commons the policy was “stifling growth, stifling our march for net zero, and stifling our quest for security of supply”.

And shadow climate change secretary Ed Miliband said the policy is adding £150 to average household energy bills.

By doubling the UK’s onshore wind capacity, the government could save energy customers a combined total of £16bn by the end of the decade, he said.

But energy secretary Grant Shapps responded that it would continue to be the case that wind farms could be sited on land only “where there is local consent”.

Mr Miliband blamed Tory leaders since David Cameron for indulging “dinosaurs” on the Conservative benches who put a halt on the development of a technology viewed by environmentalists as the cheapest and cleanest source of electricity for the UK.

Mr Sunak himself vowed to maintain the ban as he battled for the votes of Conservative Party members during this summer’s leadership contest.

“The ban on onshore wind in England that they put in place in 2015 has raised bills for every family in this country by £150 each,” said Mr Miliband. “And keeping the ban in place up to 2030 would mean customers paying £16bn more on bills compared to a target of doubling onshore wind.”

Tabling Labour’s windfall tax proposals, Ms Reeves accused the government of making working people foot the bill for soaring energy prices.

She released analysis suggesting that the removal of allowances which save North Sea companies 45p for every pound they invest in fossil fuel extraction would raise £10.6bn over the six-year lifespan of the temporary windfall tax.

And she said that the government could have raised £2.6bn by following Labour plans to backdate the levy to the start of 2022 and £3.6bn by setting it at the Norwegian level of 78 per cent rather than 75 per cent.

“Britain deserves a government that will make fairer choices in the interest of working people,” said Ms Reeves.

“When it comes to the next election, the question people will be asking themselves is this: do I and my family feel better off under the Tories?

“With choices like this, the answer will be no.

“Labour would be making fairer choices – fairly taxing the windfall profits of war, instead of diving into working people’s pockets first.”