National Wealth Fund Opportunities for Industry 2024-12-17
2024-12-17
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
▸
Context
The questioner inquires about the potential industrial opportunities stemming from the national wealth fund.
What discussions has he had with Cabinet colleagues on potential opportunities for industry under the national wealth fund?
The national wealth fund is delivering a key manifesto commitment to set up a Government-backed investor—in some ways like the sovereign wealth funds we see in other countries—that will support the UK's industrial strategy and economic growth. It will play a central role in our clean power mission by creating jobs in rapidly growing green industries.
▸
Assessment & feedback
Did not provide details of specific discussions or opportunities identified for industry.
Response accuracy
Q2
Partial Answer
▸
Context
The questioner highlights the need for coordinated infrastructure development in coastal areas like Falmouth to support floating offshore wind.
Given her concern about kick-starting floating offshore wind in the Celtic sea, will she confirm that she is working with the wealth fund on a strategy and speedy investment in local ports and supply chains?
My hon. Friend is a great champion for her area, and we have talked about the opportunities of Falmouth and the surrounding areas previously, and I am sure we will do so again. For too long, our coastal areas have lacked the jobs and opportunities they deserve, and we are determined to change that.
▸
Assessment & feedback
Did not confirm specific work being done with wealth fund or investment strategies for Falmouth.
Response accuracy
Q3
Partial Answer
▸
Context
The questioner welcomes the Clean Power 2030 Action Plan and asks about steps to explore tidal range potential on the west coast.
Given her welcome of the plan, she seeks details on how the Department is exploring the potential for tidal range projects in her constituency. She requests a meeting to discuss this further.
I would love to hear more, as I am sure would the Minister for Energy, my hon. Friend the Member for Rutherglen (Michael Shanks). We are committed to all forms of renewable energy if they are economical, which is why we ringfenced tidal in the latest contracts for difference auction.
▸
Assessment & feedback
Did not confirm exploration efforts or offer a meeting directly.
Response accuracy
Q4
Partial Answer
▸
Context
The questioner acknowledges the Government's action with Project Willow but expresses concern over the Grangemouth refinery closure and asks about potential support for its rapid conversion to a sustainable aviation fuel facility.
With Petroineos set to close the Grangemouth refinery next year, what consideration has been given to using the role of the national wealth fund to support its rapid conversion into a sustainable aviation fuel facility?
I appreciate the uncertainty faced by people in my hon. Friend's constituency. We have Project Willow and the plan for the site's future. A joint committee, which I co-chair, has just been set up with the Department for Transport looking at sustainable aviation fuel and other options to fund and support that.
▸
Assessment & feedback
Did not provide details on national wealth fund's role or specific consideration for conversion.
Response accuracy
Q5
Partial Answer
▸
Context
The questioner inquires about the Government's intentions to ensure national wealth fund benefits industries across all regions of the UK.
Given the fund's title as the national wealth fund, what does she intend to do to ensure that industries across the nation will benefit from it?
The national wealth fund makes decisions on what it funds and what it does not, but our plan is for the whole country. For too long, this country has been held back in every corner, and the national wealth fund is a really important part of the future growth of this country in Northern Ireland and everywhere else.
▸
Assessment & feedback
Did not outline specific plans or intentions for nationwide benefits.
Response accuracy
Q6
Partial Answer
▸
Context
The questioner points out the UK's high tidal range potential and asks how the national wealth fund can ensure the development of projects like those in Morecambe Bay.
Given that the UK has the highest tidal range after Canada, does she agree it is a tragedy to use so little for tidal energy due to up-front costs? Could GB Energy help with this?
The hon. Gentleman puts his finger on the problem. That is what vehicles such as the national wealth fund and GB Energy are looking to resolve. We are of course open to it, and we will do what we can.
▸
Assessment & feedback
Did not provide concrete support or plans for tidal energy projects.
Response accuracy