National Wealth Fund Taskforce


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 net zero sectors.

The GFI is providing advice to the Labour Party on how to structure and implement its commitment to create a National Wealth Fund. Dr Rhian-Mari Thomas OBE, CEO of the GFI, is the chair of an independent taskforce that includes the CEOs of some of the UK’s leading financial institutions.


Governance structure

Incepted by: Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP

Chair: Dr Rhian-Mari Thomas OBE

Secretariat provided by: The Green Finance Institute

Mark Carney: Former Governor of the Bank of England.

The Taskforce’s Terms of Reference.


"This new Government is getting on with the job of delivering economic growth. I have been clear that there is no time to waste. I have previously committed to establishing a National Wealth Fund. I am now going further by bringing together key institutions. 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. That is why in less than a week we are establishing a new National Wealth Fund and bringing together the key institutions that will help unlock investment in new and growing industries. Britain is open for business – and the work of change has begun."

Rachel Reeves

Chancellor of the Exchequer,


"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. We’re acting immediately, wasting no time and working in lock-step with industry to unleash private investment and grow our economy."

Ed Miliband

Energy Security and Net Zero Secretary,


“The National Wealth Fund presents a unique opportunity to design a first-of-a-kind public-private partnership that deploys catalytic capital to crowd private investment into priority net zero sectors.” “I look forward to chairing the taskforce and to delivering a blueprint which will outline pragmatic financial solutions and a clear implementation roadmap.”

Dr Rhian-Mari Thomas OBE

CEO, the Green Finance Institute and chair of the taskforce


“This new government has rightly identified infrastructure investment as a core enabler of building high value, low carbon, competitive industries. The smart use of public investment via the National Wealth Fund can kick start economic growth and crowd in private capital to vital sectors including ports, heavy industry and manufacturing.”

Mark Carney

Former Governer, Bank of England


“Barclays is a committed partner to the new government’s aspiration to raise economic growth in the UK. Crucial to realising this ambition is increasing business investment - both within our domestic economy, as evidenced by our own £30bn investment into the UK, and by mobilising inward investment to come to Britain. The recommendations of the National Wealth Fund Taskforce, of which I have been a member, set out some important ways in which this can be done. In particular, I welcome the ambition to review and potentially simplify the existing economic development institutions, with the aim of making it easier for our corporate and business clients to access the partnership finance that is often needed to get infrastructure and other net zero projects off the ground.”

C S Venkatakrishnan

Group Chief Executive, Barclays


“The National Wealth Fund can be a critical enabler of growth across the UK economy and an accelerator in deploying capital into sustainable businesses and projects. As private investors we welcome this announcement by the Chancellor and look forward to supporting this initiative to encourage public and private capital to work together.”

Shaun Kingsbury CBE

Co-Chief Investment Officer, Just Climate


“Building a green economy requires a step-change in coordination between the government and investors, so that the policy & regulatory environment is truly enabling for long-term investors. The NWF comes at a crucial moment in the political cycle to help set that course.”

David Vickers

Chief Investment Officer, Brunel Pension Partnership


“The NWF will play an important role in driving economic growth through attracting private capital, creating green jobs and supporting the UK’s transition to a low carbon economy. We have welcomed the opportunity to be part of the initial taskforce working with the Labour party. The Equitix team look forward to working with Ministers and government departments to help deliver the NWF and accelerating broader investment into UK infrastructure.”

Hugh Crossley

CEO, Equitix


“The UK has led the way globally in reducing its carbon emissions in recent decades, but the next stage of the transition will require significant public and private investment. This is a major challenge and collaboration across not just the financing but also policy space is critical to deliver it in a way that supports economic growth across the UK. The National Wealth Fund has the potential to accelerate the transition and address some of the fundamental barriers that have existed to date. As the UK’s leading bank for business and the largest infrastructure lender, we will continue to support the government in the development of the National Wealth Fund, and ensure it delivers on its objectives to drive the green economy whilst also supporting communities, businesses and industry across the regions and nations of the UK.”

Paul Thwaite

CEO, NatWest Group


“At Aviva we are backing the UK and stand ready to invest even more to help boost growth, create jobs and deliver net zero. We need closer working between government and business to make that happen. Today’s announcement of the establishment of a new National Wealth Fund is a significant step in the right direction. We now must work at pace to turn these good ideas into investable projects which can make a difference.”

Amanda Blanc DBE

Chief Executive Officer, Aviva Group


"L&G are delighted to have contributed to the National Wealth Fund Taskforce, building on our track record of investing to help build a cleaner, greener and growing economy. We welcome the ambition of the Government to encourage further institutional investment into UK assets, and mobilise more private capital towards the energy transition, and look forward to engaging with the next steps set out in the Report."

António Simões

Chief Executive Officer, Legal & General


"The National Wealth Fund will help the UK keep pace internationally with a growing list of countries using innovative public funding tools to attract significant private capital required to accelerate decarbonisation technologies and grow their economies."

Lisa Quest

Managing Partner UK and Ireland, Oliver Wyman



National Wealth Fund Taskforce – Report


National Wealth Fund Taskforce: Sector Analysis