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UK Announces £7.3 Billion to Unlock Green Private Investment

Funding | Jul 10, 2024

UKs national wealth fund - UK Announces £7.3 Billion to Unlock Green Private Investment

Image from press release: UK's National Wealth Fund

UK Announces Major Boost for National Wealth Fund

On July 9, 2024, the UK government has announced intentions to invest £7.3 billion in funds to the National Wealth Fund for economic development and sustainability.  The goal is to unify major financial institutions under a single plan and stimulate private investment, especially in the green and growing industries.

Realignment of Financial Institutions

The British Business Bank and the UK Infrastructure Bank will be merged into the National Wealth Fund as part of the new project. The goal of this realignment is to produce a more unified investment strategy that capitalizes on these institutions' advantages to attract significant private sector investment. The announcement coincided with the launch of this enormous project, which took place at No. 11 Downing Street with the gathering of the National Wealth Fund Taskforce by Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds.

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Dame Amanda Blanc, the CEO of Aviva, C.S. Venkatakrishnan of Barclays, and Mark Carney, the former governor of the Bank of England, are among the prominent individuals on the task group, which is chaired by the Green Finance Institute. Their combined experience is anticipated to direct the strategic allocation of the extra £7.3 billion, which will be overseen by the UK Infrastructure Bank to enable prompt investments.

Rachel Reeves, Chancellor of the Exchequer:

"This new Government is getting on with the job of delivering economic growth. We need to go further and faster if we are to fix the foundations of our economy to rebuild Britain and make every part of our country better off.  Britain is open for business – and the work of change has begun."

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Ed Miliband, Energy Security and Net Zero Secretary

"Our Mission to make Britain a clean energy superpower is about investing in Britain. Our National Wealth Fund will help create thousands of jobs in the clean energy industries of the future to boost our energy independence and tackle climate change."


Strong public-private partnerships will be essential to achieving the new National Wealth Fund's potential to transform the UK's economic environment, with specific plans expected to be unveiled at the next international investment summit. This bold plan aims to establish the UK as a leader in innovation and green sectors while also promoting economic growth.

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