ESG Today writes that the state-owned company that will manage the funding and the project will be based in Scotland and is called Great British Energy, managing 8.3 billion GPD (10.7 billion USD) from the government over the next five years. The funding, according to the British government, will be ensured by taxes paid by oil and gas companies.

Energy Security and Net Zero Secretary Ed Miliband said that "Great British Energy comes from a simple idea – that the British people should own and benefit from our natural resources. Investing in clean power is the route to end the UK’s energy insecurity, and Great British Energy will be essential in this mission."

Alongside the recent announcements, British officials also presented a partnership between the newly-founded Great British Energy and Crown Estate, which will enable the development and deployment of offshore wind projects amounting 20-30 GW of power by 2030.

Government officials enlisted some of the benefits of this partnership, such as reduced implementation times, as well as less risk of failure by involving the public sector in the projects. Supporting technologies, such as carbon capture, tidal energy and hydrogen will also be focus points for the sustainable development.