The CCC’s own estimate puts the capital needed to deliver net zero at £60bn per annum by 2030. Given the UK’s current fiscal position, the majority of this capital must come from private investors. 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-in private investment into priority net zero sectors. The NWF could therefore be a key part of the UK’s strategic response to the US IRA and the EU’s Green Deal and would help to restore our competitive position in the global race for green investment, secure sustainable supply chains and ensure energy security.


The Taskforce’s objective is to support the delivery of the National Wealth Fund through three related objectives:

  • Fund design/structure: to consider different applicable models and approaches.
  • Investor engagement: extensive testing and iteration to ensure NWF has the right buy-in and ultimately crowds in private capital.
  • Implementation roadmap: go to market plan including legislation, governance, capital raising, priority sectors and pipeline development.


  • Potential fund models: overall fund structure as well as applicable structured/blended finance interventions across debt and equity that could be deployed.
  • Impact metrics: private capital mobilization ratio, GHG emission reductions, returns target, jobs created, supply-chains developed.
  • Additional sector review and adjacent policy interventions that could be required to enhance returns or reduce risk expectations for investors
  • Governance models – delivery of NWF will require unique institutional capability and as such a range of options should be considered. NWF will need to work with policymakers, be credible with private investors and work with the grain of existing organisations.

Taskforce Governance

The Taskforce will be incepted by the Shadow Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP. It will report to the Shadow Chancellor and Shadow Energy Security and Nero Secretary Ed Miliband MP.

It will be chaired by Dr Rhian-Mari Thomas OBE, CEO of the Green Finance Institute (GFI). GFI will provide the secretariat for the Taskforce with the support of Brookfield acting as an expert adviser on funding models and the transition investing landscape.

The Shadow Chancellor and Chair will nominate financial and sustainability leaders with expertise that is relevant to one or more of the workstreams. The Chair and these nominees will make up the Taskforce Advisory Council (of no more than 10 individuals) who will share responsibility for addressing taskforce objectives. A working group will serve as the touchpoint between the Secretariat and Taskforce Members. Additional expertise may be brought in ad hoc as needed to support Taskforce workstreams.

The Taskforce will begin with presentation of a high-level blueprint to the Advisory Council setting out the key questions to be addressed under each workstream. Subsequently the Taskforce will provide input to and steer the working group on the NWF blueprint.

The Taskforce Advisory Council will meet monthly with the Labour Shadow team to share progress against the objectives as set.

The Taskforce will complete and deliver the final NWF blueprint, no later than three months after inception unless otherwise agreed.