The nuclear power industry’s hopes of being classed as “green” investment in the UK have been boosted after the Government said there was “strong evidence” in favour of doing so. The Government is setting new rules on how to define environmentally friendly investments to try to make sure the billions of pounds flowing towards the sector are not diverted to dirty projects. Generating nuclear power does not produce carbon dioxide emissions and so is seen as helpful to ministers’ efforts to decarbonise the power sector as they try to slash national carbon emissions to net zero by 2050. But it faces other hurdles in being seen as environmentally friendly due to factors such as nuclear waste, water usage, and remote but catastrophic risks of nuclear accident. An independent group of experts is set to deliver initial recommendations to the Government this month on the green rules – known as the “green taxonomy” – helped by advice from energy experts under the Energy Working Group. A Government spokesman said: “Transforming our financial system for a greener future is vital so we can grow our economy and protect our planet. There is strong evidence to support nuclear energy’s inclusion in our framework for green investment, which we will discuss with the newly established Energy Working Group, ahead of consulting on how the Green Taxonomy defines green activities in due course.” Rules are being developed as power giant EDF is in talks with the Government over building a £20bn nuclear power plant, Sizewell C in Suffolk, which will require external investment. Ministers are expected to bring in new rules that will allow developers to recoup costs during construction from energy bills.
Telegraph 5th Sept 2021 read more »