Labour Party Unveils Ambitious Plan to Phase Out Fossil Fuels and Invest in Renewable Energy

The Labour Party has announced plans to block all new domestic oil and gas developments and invest heavily in renewable energy sources such as wind and nuclear power if it wins power in the upcoming election.

The shadow work and pensions secretary, Jonathan Ashworth, confirmed that details of the investment plans would be announced soon.

Ashworth stated that the proposals are aimed at investing in the "green jobs of the future" to bring energy bills down for consumers and move towards a more sustainable energy supply.

Labour's plan includes a ban on new North Sea oil and gas licenses, with the exception of existing projects, and a pledge to limit borrowing for investment to green schemes.

The UK would continue to use existing oil and gas wells over the coming decades and manage them sustainably.

The proposals are the latest in a series of Labour pledges aimed at moving towards a greener economy.