In July 2024, the Chancellor Rachel Reeves supercharged growth in the green industries of the future with the establishment of the National Wealth Fund (NWF).

The GFI has been advising the Government on how to structure and implement its commitment to create a National Wealth Fund, with Dr Rhian-Mari Thomas, CEO of the GFI, chairing an independent taskforce that includes the CEOs of some of the UK’s leading financial institutions.

The National Wealth Fund, with its proposed £7.3bn of public capital, presents an opportunity to design a first of kind public-private partnership, that deploys catalytic capital to crowd private investment into priority sectors. Using public capital as seed funding, we believe we can crowd-in many multiples of that investment (up to at least £20 billion) from private markets to create infrastructure and economic transformation which will fast-track growth, jobs and food and energy security across the UK.

Boosting investment into the economy is an urgent priority for the government’s growth mission. To generate the investment that this country needs, the National Wealth Fund will ensure that every pound invested by UK public finance institutions unlocks maximum private investment.  

This model has been used successfully in other countries and by the Green Finance Institute in other net zero transition projects across the UK.

“Our National Wealth Fund is at the heart of our approach to grow the economy and create good jobs for everyone. Working in partnership with business, we will make transformative investments across every part of the country in the industries of the future”.

–– Rachel Reeves, Chancellor of the Exchequer

"The Taskforce recommendations set out how a combination of catalytic capital, deployed in partnership with a government delivering policy certainty, can make the UK the destination of choice for global investment. The NWF will reshape the way we approach public, private risk-sharing, providing private investors with the confidence needed to fund the technologies and infrastructure needed to drive growth and create new jobs across the UK."

–– Dr Rhian-Mari Thomas OBE, Chair of the Taskforce and CEO of the Green Finance Institute

The GFI will remain instrumental in ensuring that the National Wealth Fund brings together key institutions like the UK Infrastructure Bank (UKIB) and the British Business Bank closer together to create a single coherent offer for businesses and a compelling proposition for investors, to mobilise billions more in private investment.

The NWF will also work with local partners including Mayors to bring together a finance and investment offer that supports the needs of local areas and catalyses growth in all corners of the country.  

Find out more about the National Wealth Fund, including the Terms of Reference here.

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