Labour Party wins UK's 2024 general election

Keir Starmer on Friday declared victory as his Labour Party won more than enough seats in the general election in the UK to secure a huge parliamentary majority and put an end to 14 years of Conservative rule.

Outgoing Prime Minister Rishi Sunak is expected to formally tender his resignation to King Charles III in the coming hours. Starmer’s official appointment as the new Prime Minister of the UK will come after that.

The work of change begins today. pic.twitter.com/DfP1UG1Upr

— Keir Starmer (@Keir_Starmer) July 5, 2024

As previously reported, Labour committed to working with the private sector to double onshore wind, triple solar power, and quadruple offshore wind by the end of the decade and ultimately make Britain “a clean energy superpower.” The party also pledged to invest in carbon capture and storage (CCS), hydrogen and marine energy, and support long-term energy storage expansion.

Ross Driver, Fund Manager at Foresight Solar Fund Ltd, was among the first participants in the renewable energy sector to comment on the election results, welcoming the party’s “plans to harness Britain’s sun, wind and wave power to make consumers’ bills cheaper and ensure the UK’s energy independence.” He, however, warned that the new government has to be prepared for the potential headwinds that could stall these plans.

“We are pleased that Labour wants to make the country a clean energy superpower by 2030 but call on the new government to listen to the concerns of renewable infrastructure providers and ensure a clear, stable and internationally competitive method for electricity pricing. Policy consistency would go a long way to help grow renewable capacity,” Driver stated.

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