Prospect calls for Crown Estate windfall to be used to fund a Just Transition

Ahead of the coronation of King Charles III, Prospect trade union has called for the proceeds from the Crown Estate’s wind power windfall to be used to set up a fund for a Just Transition.

New lease agreements for offshore wind farms in the UK seabed, which is owned by the Crown Estate, are expected to generate around £1bn a year for at least three years. The King has said that increased profits from this should remain in the Treasury rather than being used to calculate the Sovereign Grant, as would normally happen.

A Just Transition means ensuring communities and workers are not left behind as we move to a net zero economy. Prospect is calling for the establishment of a Just Transition Fund that would pay for retraining costs for workers and invest in green industries in communities currently dependent on high carbon jobs. Prospect represents more than 22,000 workers across the UK’s energy sector.

Sue Ferns, Senior Deputy General Secretary of Prospect, said:

“The move to Net Zero represents a huge opportunity for our country but for those workers and communities reliant on high carbon industries it also poses a challenge. If we are to avoid repeating the catastrophic mistakes of the end of coal mining, we need to start taking a Just Transition seriously.

“Using this windfall from offshore wind to establish a dedicated Just Transition Fund would show the government is serious about making sure no one is left behind as we race towards Net Zero. It would also be a fitting way to ensure a virtuous cycle, with the money from offshore wind driving further investment, more jobs and a continuing return to the Treasury.”