Britain’s National Wealth Fund said on Wednesday carbon capture, the power grid and battery manufacturing are among the ten sectors it will focus on over the next five years to help the country’s relatively sluggish economy pick up.
Britain’s National Wealth Fund said on Wednesday carbon capture, the power grid and battery manufacturing are among the ten sectors it will focus on over the next five years to help the country’s relatively sluggish economy pick up.
“We’re going to go faster and in a more focused way,” Holbourn told reporters on Wednesday as the fund published its five-year strategic plan.
Set up by the current Labour government in 2024 to drive economic growth and support the UK’s net zero transition, the NWF is aimed at providing debt or equity financing for projects in areas such as clean energy and transport, alongside investment partners.
Prime Minister Keir Starmer’s government has so far failed to turn around Britain’s economy and is struggling in the polls, putting pressure on initiatives like the NWF for economic revival.
Ports, nuclear, energy storage and green steel are part of the NWF’s main targeted sectors, but it will also consider investments in defence, advanced materials and critical minerals, Holbourn said, aiming to strengthen Britain’s domestic supply chains to make the country more self-sufficient.
