What does the pledge mean? 

In its manifesto, Labour promised to support its new state-owned company Great British Energy (GBE) with £8.3 billion in capital funding over the course of this parliament.

This pledge forms part of what the Labour government has described as its “second mission”: to make Britain “a clean energy superpower”.

Labour pitched GBE as a “publicly-owned company” that will deliver clean power by co-investing in “leading technologies” and supporting capital-intensive projects, and also said it would “deploy local energy production”. It has also stated the company will create jobs and support growth across the UK.

Details published later suggested GBE will participate in producing, distributing, storing and supplying clean energy, reducing greenhouse gas emissions, improving energy efficiency and securing the UK’s energy supply.

It will do so by partnering with the private sector in wind, solar and nuclear energy—all of which are mature low-carbon technologies—and by investing in “less mature technologies” such as floating offshore wind and carbon capture.

The Great British Energy Bill, the legislation establishing GBE, is currently in its final stages of consideration in Parliament.

What progress has been made?

For now, we’ve rated this pledge as “In progress”. In its 2024 Autumn Budget, the government provided £100 million capital funding to GBE for 2025-26 for clean energy project development, and a further £25 million to establish itself as a company headquartered in Aberdeen.

Among other things, GBE will use this first £100 million to fit rooftop solar panels on schools and hospitals, which the Department for Energy Security and Net Zero told Full Fact will reduce their energy bills.

However, in March 2025, the Financial Times reported that the Treasury is drawing up plans to cut GBE’s funding in its June spending review.

When asked for comment, a government spokesperson told Full Fact: “We are fully committed to the £8.3 billion for GB Energy, which is at the heart of our mission to make Britain a clean energy superpower and to ensure our homes are cheaper and cleaner to run.

“And we are making rapid progress; making Juergen Maier the start-up chair, confirming Aberdeen as HQ, progressing the Great British Energy Bill, and creating an unprecedented partnership with The Crown Estate which has the potential to leverage up to £60 billion of private investment into the UK’s drive for energy independence.”