The Crown Estate, the monarchy’s real estate firm, owns much of the seabed surrounding Britain.
LONDON — A new state energy company, set up by Britain’s fledgling Labour government to promote clean, sustainable power sources, has found a partner for its first venture: the king.
Labour, in government for the first time in 14 years, is taking a more interventionist approach than the outgoing Conservatives in reaching the state’s climate targets and promoting economic growth. It hopes to reduce reliance on climate-threatening fossil fuels while promoting Britain’s energy independence — the value of which has been made stark by Russia’s war on Ukraine and its impact on international gas markets.
Great British Energy is the centerpiece of the government’s green policy. The Crown Estate, which is owned by the royal family but run independently, manages the royals’ sprawling property holdings. The portfolio, valued at some $20.6 billion, boasts some of the priciest properties in Central London, including Regent Street.
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