Jeremy Corbyn has pledged to invest £3.5 billion in the Mersey Tidal Power Project if Labour comes to power.
The Labour leader made the announcement today (26 July) during a visit to Liverpool.
The Mersey Tidal Power Project will harness the power of the River Mersey and Liverpool Bay to produce renewable energy to power up to 1 million homes.
Work began on an outline business case for the project in May and its development will be assisted by a team of technical and financial advisers, headed by Arup, and including ABPmer, Grant Thornton, and BECG.
Upper estimates list the project’s potential energy generation in the River Mersey and Liverpool Bay at four times as much as all the wind turbines in Liverpool Bay.
“While Boris Johnson looks to the past and prioritises the interests of his wealthy friends, Labour is looking to the future with plans to ramp up investment in exciting projects like the Mersey Tidal Power Project, which will kick-start Labour’s green industrial revolution, power up the north and create thousands of new jobs,” said Corbyn.
The chief executive of tidal energy specialists Nova Innovation, Simon Forrest has also called on the new Conservative government, led by Boris Johnson to back the industry.
“Tidal energy has huge potential to generate UK jobs and exports. The UK can dominate the global marine energy market but we need the Government’s support to unlock private investment,” said Forrest.
“There is growing momentum behind renewables and new sources must be developed. The sun doesn’t always shine, the wind doesn’t always blow, but the tide does always flow.”