Labour has appointed a taskforce with two representatives of large pension investors among others, to advise on a National Wealth Fund. The fund would raise private capital as the party promises to “create good, well paying jobs in a zero-carbon economy”.

Shadow chancellor Rachel Reeves revealed the appointments on Sunday. The taskforce includes Carol Young, chief executive of the Universities Superannuation Scheme, and David Vickers, chief investment officer of Local Government Pensions pool Brunel Pensions Partnership. 

The National Wealth Fund would receive £7.3bn of government funding if Labour gets into power at the next general election but would have to raise £3 of private investment for every £1 of public money. Labour's website says the fund would "crowd in private investment in our ports, gigafactories, hydrogen, and protect our steel industry".

“A Labour government can only deliver changes to our economy by working alongside business,” said Reeves.  

She added: “I’m determined that the next Labour government is ready from day one to put our plan for growth into action, and I’m grateful to the members of the taskforce for supporting me with this important work.”  

Over the next three months, the taskforce will produce recommendations, including on how to maximise private investment, to Reeves and the shadow energy security and net zero secretary, Ed Miliband.  

The CEO of the independent Green Finance Institute, Rhian-Mari Thomas, chairs the taskforce, with the GFI – itself funded by government, the City of London and charities – also acting as secretariat. The other members are former Bank of England governor Mark Carney, CEO of insurer Aviva Amanda Blanc, Barclays CEO C S Venkatakrishnan, and Hugh Crossley, CEO of infrastructure fund manager Equitix. Further members are yet to be announced.  

The taskforce will consider different approaches to establishing the National Wealth Fund and consult with private investors, including on how to attract private capital and how to develop a pipeline of investible projects, according to the opposition party, which said the fund would “help to re-industrialise the UK”. 

Thomas said: “I look forward to chairing the taskforce and to delivering a blueprint which will outline pragmatic financial solutions and a clear implementation roadmap.”   

A spokesperson for USS said climate change was one of the key risks to its ability to fulfil its obligations: “As a long-term, responsible investor with a legal duty to invest in the best financial interests of the scheme’s members and beneficiaries, we view climate change as one of our largest systemic risks.”  

The spokesperson added: “We have set an ambition for our investments as a whole to be net zero by 2050, if not before, but this ultimately has to be a global effort. Our involvement with this taskforce reflects our commitment, as a global investor, to engage across the political spectrum to encourage the incentives and conditions that can bring about urgent, real-world change.” 

Vickers said: “Brunel believes strongly in seeking to influence both the broader industry and policymakers." 

He added: “GFI is an important partner for us, and we are delighted to help them make independent policy recommendations to improve the UK’s approach to net zero.” 

In its ‘Plan for Financial Services’ published in January, the opposition party also said it would establish “a British ‘Tibi’ scheme to increase institutional investment in venture capital and small cap growth equity”, aimed at defined contribution pension schemes. France’s Tibi initiative has the aim to “finance the fourth industrial revolution”. French insurers and pension funds have so far pledged a combined €13bn (£11bn) until 2026.