CBI responds to National Wealth Fund Taskforce report

Louise Hellem, CBI Chief Economist, said:

“The green economy is one of the UK’s highest-growth sectors and one the Government is right to prioritise. Businesses are ready to play their part in realising green growth that drives investment and new jobs across the country – and is essential to meeting our 2050 net zero commitment.

“The investment required will not come from the public or private sector alone. Investors and industry support the Task Force’s recommendations for a green catalytic fund that derisks low carbon investments and see it as a vehicle that will crowd-in private finance to deliver decarbonisation infrastructure.

“Having a flexible investment mandate, aligned to net zero policy and wider industrial strategy, will give investors confidence that the fund provides long-term support targeted at addressing market failures. Offering a range of financial instruments, delivering via existing institutions and coordinating with other investment vehicles will also help industry to access appropriate support at speed.

“Businesses want clarity about how the National Wealth Fund will operate alongside a newly introduced GB Energy and are keen to work with the Task Force to ensure that its implementation delivers on our shared objective for UK green growth.”