The UK's new Chancellor of the Exchequer, Rachel Reeves, swiftly approved the £7.3 billion National Wealth Fund to aid in the energy transition and stimulate the creation of green jobs. The fund, with senior UK pension executives like Carol Young and David Vickers involved, aims to seed investments in green sectors such as steel, hydrogen, and batteries. It plans to attract private sector finance by de-risking projects and improving the investment environment. The fund's structure, governance, and management approaches are being carefully considered, with a focus on independent decision-making and governance away from direct government intervention. Critics raise concerns about the scarcity of investment opportunities, the potential for projects to become personal endeavors rather than attracting institutional capital, and the importance of allowing investors the freedom to choose where to invest. The fund is seen as a step towards driving the market and showcasing government willingness to take risks, with the ultimate goal of rebuilding the UK's investment sector. The move reflects a broader trend of countries like Ireland and India establishing similar funds to boost economic activity and growth.