This week, I would like to talk about public investment in making the economy greener and delivering clean power by 2030.

I believe that failure to invest in the future of our prosperity and security would be reckless and irresponsible.

Indeed, the Office for Budget Responsibility estimated in 2021 that delaying action on green investment until after 2030 would increase debt by 23 percentage points over the long term, equivalent to hundreds of billions and potentially trillions in extra debt.

In 2023, it further stated that the failure of the Government to deliver the policies needed to reach net zero had increased this risk.

I remain committed to ramping up investment in the green economy, reaching a total of £28bn a year in the second half of the next Parliament at the latest.

I believe that delivering this investment – within a framework of fiscal responsibility, reducing debt as a share of our economy, and providing time to build the supply chains and workforce skills we need – is vital to creating good jobs in the industries of the future, tackling crippling energy bills and securing our economy.

It is also central to achieving the highest sustained growth in the G7, delivering jobs and productivity growth for all parts of the country.

As part of this plan, I support delivering a cheaper, zero-carbon electricity system by 2030. 

This would include establishing GB Energy - a new publicly-owned clean generation company - and quadrupling offshore wind, more than tripling solar power and more than doubling onshore wind capacity. 

Combined with plans to insulate 19 million homes, this could save households up to £1,400 a year on their energy bills.

These plans will cut bills, create good jobs, strengthen our energy security and tackle the climate crisis.

I will continue to support calls for the investment in the green economy we need to make Britain a clean energy superpower.