Lib Dems call for creation of ‘green sovereign wealth fund’ from renewables windfall


The billions of pounds being raised by green energy auctions should be used to set up a sovereign wealth fund and invested across the UK, Ed Davey will say on Monday.

In his speech to the Liberal Democrat spring conference the party leader will attempt to reignite his party’s fortunes with a series of eye-catching policy ideas.

Pointing to the £9bn raised from a recent seabed licence auction last month, Sir Ed will argue the money should be ploughed into green projects to get Britain ready for net zero greenhouse gas emissions.

He says the plans would be used to create manufacturing jobs and fund a ten-year programme to insulate every home, cutting energy bills and usage.

“Just last month, an auction for the right to build windfarms off the coast of England and Wales attracted bids far, far higher than anyone expected – raising £9bn, with more to come,” he will tell his party at the gathering, which is being held online this year because of Covid-19.


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