# 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.”
>
> — HM Government; Press release (Department for Energy Security and Net Zero and HM Treasury), 21 October 2026

- **Status:** Promised
- **Status ladder:** Promised → In plan → Legislated → Funded → Delivering → Delivered
- **Policy area:** [Transport & economy](https://ledgergov.uk/promises/area/transport-and-economy)
- **Speaker:** [HM Government](https://ledgergov.uk/actor/hm-government)
- **Made on:** 21 October 2026
- **Where:** Press release (Department for Energy Security and Net Zero and HM Treasury)
- **Cost a year:** No costing published
- **Who it affects:** Renewable and low carbon energy projects across the UK, paid for from North Sea oil and gas taxes
- **When:** Not stated
- **Paid for by:** Tax revenues from North Sea oil and gas
- **Quote source:** https://www.gov.uk/government/news/jackdaw-gas-field-gets-green-light (checked word for word at its source on 25 October 2026; Open Government Licence v3.0)
- **Last updated:** 25 October 2026
- **Card:** https://ledgergov.uk/promise/uk-energy-wealth-fund-2026

## 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.

## Timeline

- 21 October 2026, Promised: The Chancellor announces a new Energy Wealth Fund, starting with £2 billion, to invest North Sea tax revenues in renewable and low carbon energy

## 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.

## Sources

- [Department for Energy Security and Net Zero and HM Treasury press release, 21 Oct 2026: Jackdaw gas field gets green light](https://www.gov.uk/government/news/jackdaw-gas-field-gets-green-light)

## Checks

- Checked automatically by AI Journalist, not yet verified by an editor.
- Checked by AI Journalist (automated) on 25 October 2026.

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