The National Wealth Fund (NWF) has announced plans aimed at mobilising more than £100bn ($137bn) of investment in the UK economy.
The NWF UK investment strategy outlines planned support for companies, infrastructure and supply chains to advance growth, generating more than 200,000 jobs and cutting CO₂-equivalent greenhouse gas emissions by 500 million tonnes by 2050.
The new plan outlines three central ambitions, including unlocking growth opportunities in clean energy by prioritising investment in decarbonisation projects and industries with the potential to lower costs for households and businesses.
The plan also aims to advance place-based investment across all four UK nations through the Regional Project Accelerator, and to strengthen sovereign capabilities by backing sectors key to national security and future industry leadership, such as defence, critical minerals, AI and green steel.
To achieve these aims, the NWF will concentrate on industrial and infrastructure priorities.
Over the next five years, it has identified ten sectors with major catalytic potential: battery manufacturing and electric vehicle supply chain; carbon capture; energy storage; hydrogen; nuclear; place-based regeneration; ports and supply chains; power grid; steel; and transport infrastructure.
Within these sectors, the fund expects to allocate £5.8bn during this period, contingent on investable opportunities and policy support.
Additionally, the fund will seek investment prospects across 15 further sectors including semiconductors, quantum technologies, AI, offshore wind and sustainable aviation fuels.
This approach aims to address market gaps, attract private capital and accelerate high-impact projects aligned with local and national priorities.
NWF CEO Oliver Holbourn said: “This is an exciting new chapter for the National Wealth Fund as we look to unlock the UK’s future.
“We will be going further and faster to drive more than £100bn into the economy, fully deploying our capital over the next five years to help drive economic growth, accelerate the transition to clean energy, transform communities with place-based investments, and strengthen our self-sufficiency, security and resilience.”
So far, one-third of the fund’s capital has been committed, mobilising more than £17bn in private investment and creating or supporting more than 70,000 jobs.
The new strategy commits to deploying the remaining capital within five years to back government goals around growth and clean energy, while delivering returns for taxpayers.
The NWF has committed more than $800m to Scottish Power, a subsidiary of Iberdrola, to support the upgrade of the UK’s power grid.
