Great British Energy announces plans to increase renewable energy by 2030

Great British Energy (GBE), a state-owned company that produces energy, announced a five-year strategy plan on Thursday to accelerate the country's shift to renewable energy to meet its climate goals.

Britain wants to decarbonise the power sector largely by 2030. This goal will, it claims, help lower energy costs. It will also require an enormous increase in renewable capacities.

GBE was established last year with the aim of investing in and co-developing clean energy projects. The government has committed a total of 8,3 billion pounds ($11.04billion) during the current parliament.

GBE's strategic plan aims to deliver 15 gigawatts (or 15 million kilowatts) of clean energy production and storage by 2030. This is enough to power 10,000,000 homes.

The company will concentrate on three areas of priority: local community energy; onshore energy development and offshore wind expansion. It will act as a developer and equity shareholder, with the returns from publicly owned assets being reinvested in new capacity.

The strategic plan stated that "GBE will create a portfolio by 2030 which generates income and is on the path to profitability for the entire company."

GBE stated that the initiative will directly support more than 10,000 jobs in areas historically dependent on oil and natural gas. It also supports over 1,000 local energy projects.

(source: Reuters)