The UK’s National Wealth Fund will direct £5.8bn ($7.5bn) of funding towards green hydrogen, green steel, carbon capture, manufacturing and port projects in a shift towards supporting higher-risk developments.
Chancellor Rachel Reeves raised the entire fund’s economic capital limit from £4.5bn ($5.8bn) to £7bn ($9.07bn) to support projects that “struggle to access private finance.”
The steer will direct investment into clean energy, advanced manufacturing, digital technologies and transport.
However, it remains unclear how the Government will look to distribute the funds, although the Treasury makes it clear that it hopes to get returns on its investments.
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