Recommendation 1

The NWF making an overall positive rate of return is key to its success and sustainability. To achieve its objectives of boosting economic growth and clean energy, however, the NWF must have the risk appetite to invest in projects that the private sector regards as too risky. Risk appetite is also required for the NWF to be catalytic, because the NWF must create new markets in, for example, hydrogen both to make a real difference to economic growth in the UK and to enable the UK to meet its targets to help tackle climate change. (Conclusion, Paragraph 24)