Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has had discussions with the National Wealth Fund on establishing a platform for geothermal investment to commercialise the industry.

The Chancellor issued a new Statement of Strategic Priorities to the National Wealth Fund (NWF) on 19^th March 2025, in which she set out that the NWF is at the forefront of investing public money for our future to help deliver the investment that underpins the Government’s growth and clean energy missions.

The Chancellor made clear that the NWF should prioritise investment into clean energy, digital and technologies, and advanced manufacturing, alongside transport sectors. An NWF investment into any geothermal project would be subject to the investment satisfying the NWF’s normal requirements for investable proposals.