Set up a £2 billion Energy Wealth Fund
“The Chancellor is also announcing today the establishment of a new Energy Wealth Fund, which will use tax revenues from North Sea oil and gas to invest in renewable and low carbon energy projects and support the green transition. Reflecting our commitment to the North Sea, this will start with an initial £2 billion injection of funding, with future revenues from the North Sea flowing into the fund over time.”
- Promised
Where it stands
Announced on the day the Energy Secretary agreed the Jackdaw gas field can produce gas. The fund will sit within the National Wealth Fund and invest in renewable and low carbon energy infrastructure, and the release says the announcement comes ahead of the Budget. It does not say when the £2 billion will be paid in or how much of future North Sea revenue will follow. The card moves when the fund is set up or the money is allocated.
What has happened
- Oct 2026The Chancellor announces a new Energy Wealth Fund, starting with £2 billion, to invest North Sea tax revenues in renewable and low carbon energy, Promised
About the cost
An initial £2 billion, with future North Sea revenues to follow over time. No period is given, so no yearly figure is shown.
More detail
How cards are checked
Status follows the promise standard, the same for every party. A status changes only on evidence. Anyone named on a card can reply, and replies are published next to it. AI Journalist is our automated reviewer: it re-reads every card against its live sources (the quote word for word, dates, evidence, status, cost, neutral wording, legal risk). An editor, Pavel Guzhikov, then checks each card against its sources and approves it.
Related promises
- 5,000 walking and cycling routes by 2030HM GovernmentPromised
- Stronger dismissal protection for parentsHM GovernmentPromised
- Appeals against £75,000 Horizon offersKate Dearden, LabourPromised