Corbyn pledges to create £300m energy research agency: report
Jeremy Corbyn has pledged to create a new £300 million US-style energy research agency to help combat climate change, Labour List has reported.
The ‘Advanced Research Agency’ would attract the “best minds from the UK and across the world”.
“It is crucial for both energy security and tackling climate change that we give the most serious investment and incentives to high-tech R&D,” Corbyn is quoted as saying.
“My pledge to establish a dedicated Advanced Research Agency will help tackle the global social challenge of climate change and make fundamental breakthroughs in energy science. It will put the UK in the best possible place to take advantage of the rapidly growing global renewable energy market, forecast to reach $630 billion worldwide by 2030.”
Corbyn described cuts to renewable subsidies since the Conservatives came to power in 2015 as “nonsensical” and a “damaging backwards step in our efforts to decarbonise our energy production”.
“My pledge is about ensuring that the UK is at the forefront of world-leading technology development in a sector of growing demand,” he added.
The new agency would fulfil a similar role to that of the Advanced Research Projects Agency - Energy (ARPA-E), which was created by the US government in 2009 to progress “high-potential, high-impact energy technologies that are too early for private-sector investment”. The agency had a budget of $280 million (£210 million) in 2015.
ARPA-E was modelled on the famous Defense Advanced Research Projects Agency (DARPA) which was founded in 1958 to respond to the Soviet Union launching the world’s first artificial satellite Sputnik.
This article first appeared on edie's sister title, Utility Week