Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to align the National Wealth Fund’s investment mandate with emerging international definitions of transition finance.

The National Wealth Fund is represented on the Strategic Steering Group of the Transition Finance Council which is considering how to build the UK’s transition finance market, including guidelines for credible transition finance.

In the Statement of Strategic Priorities issued to the National Wealth Fund on 19 March 2025, the Chancellor set Growth and Clean Energy as key priorities. Blended finance solutions are being explored alongside the NWF’s standard financial instruments to effectively use public capital to crowd in private investment and support the transition to a low carbon economy.