National Wealth Fund: Opportunities for Industry

The National Wealth Fund has a critical role to play alongside Great British Energy in driving investment and jobs into clean energy industries. The fund is already making great progress, including participating in the latest round by GeoPura, a UK-based green hydrogen pioneer, as well as supporting critical minerals in Cornwall, as part of our mission for clean power by 2030.

Our Labour Government are driving economic growth in Luton and Bedfordshire through our support for the sustainable expansion of Luton airport and the exciting new Universal Studios. Does the Minister agree that we need to match those positive developments with incentivising investment in renewable energy to ensure that the pursuit of growth contributes to meeting our climate commitments?

The Government welcome the plans to invest in and around Luton, including the expansion of Luton airport and the incredibly exciting Universal theme park, which is on the “perfect site”, as its president said. It also has perfect MPs. These projects, along with the mass clean power investments we are delivering, will grow the economy and deliver direct benefits to the communities that host this vital clean power infrastructure which will take all of us off the fossil fuel market rollercoaster.

The domestic user of electricity pays 24p per kilowatt; the domestic user of mains gas pays 6p. People who live in urban Britain buy their energy for a quarter of the price paid by people in rural Britain. This is a massive problem, and I wonder whether the Minister could explain how the Government will address it.

I thank the hon. Gentleman for that question, though it was not quite about the National Wealth Fund. He is right to highlight electricity prices. This is a challenge for industry and one we inherited from the previous Government. The best way to bring those bills down is to secure clean power by 2030, but he is right to highlight the challenges, and that is what we are trying to fix.