It says something about how confusing Labour's green investment policies are that seemingly even the Treasury has misunderstood them. Contrary to what the picture in this press releaseđŸ‘‡ suggests, the National Wealth Fund has nothing to do with wind power or indeed green energy
Instead it's very specifically designed to focus on all the low or zero carbon technologies that AREN'T really to do with generating power. - Green steel - Hydrogen - Clusters - Gigafactories Here's the sectors the institution will focus on đŸ‘‡
Simple way to think abt this: Pretty much ALL heavy industry today emits carbon, directly or indirectly. The techniques we use to make stuff mostly date back to the industrial revolution. Getting to net zero involves redoing the industrial revolution! https://t.co/4RKNDzKXQL
THIS bit - the industrial bit - is what the National Wealth Fund is focusing on. So let's say our remaining steelmakers want to be more ambitious with their decarbonisation plans (there's a good case to say they should!). The NWF might be able to help https://t.co/6EDBK18U9k
The energy bit - how to build the grids/plants needed to decarbonise power supply - is separate and that bit comes under Great British Energy. @Ed_Miliband's baby. Although we still have yet to learn precisely how GBE is going to work. So it's not surprising folks are confused.
Don't construe the above as a critique of the policy itself, btw. Tho one could argue that the total amount pledged via the NWF (£7.3bn) is quite low by international standards (Canada's equivalent is bigger, esp as a % of GDP). But that's a conversation for another day
My main point is that the energy transition is about FAR more than wind turbines. Wind turbines are arguably the least interesting bit! The stuff the NWF wants to deal with is FAR more interesting. It's abt reimagining the foundations of our world! See đŸ“–Material World for more
Speaking of GB Energy, there's still a live debate about precisely how it should work, be structured, funded etc. Here for instance are some thoughts from @Cmmonwealth. Unclear at the mo when we learn what it actually IS https://t.co/sKojAwHsV0