GB Energy, a UK government-backed energy company based in Aberdeen, aims to fund clean technology and renewable energy, but will not supply power directly to homes.
The Department of Energy Security and Net Zero stated no final decisions have been made about GB Energy's headquarters, highlighting ongoing discussions about its operational locations.
The establishment of GB Energy is positioned as a key part of Labour's agenda, expected to create skilled jobs and focus on investments in renewable technologies.
Funding for GB Energy would come from a proposed windfall tax on oil and gas firms, aiming to raise around £8.3 billion over five years to support renewable projects.
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