UK channels North Sea tax revenues into new £2 billion Energy Wealth Fund
GOV.UK · 2026-10-21
Alongside approving the Jackdaw gas field, the UK announced an Energy Wealth Fund seeded with £2 billion, with future North Sea oil and gas tax revenues flowing in over time. Housed within the National Wealth Fund, it will invest in renewable and low-carbon projects nationwide, recycling fossil-fuel income into transition capital.
Vocabulary
Read source ↗- energy securityreliable, affordable access to energy supply
- tax revenuesincome a government collects from taxes
- green transitionshift toward a low-carbon economy