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Finance

Will the UK grant green status to nuclear power?

The government is reportedly considering a move to classify nuclear power as a form of “green energy” in a bid to attract greater private investment to the sector.

Ministers are set to launch a public consultation on plans to alter the current “taxonomy” for energy, which would enable nuclear power projects to be classified as sustainable investments.

This move would represent a significant shift from the Treasury’s decision in 2021 to exclude nuclear power from the green investment framework.

Energy Security Secretary Grant Shapps said: “Putin’s illegal invasion of Ukraine has demonstrated the vital importance of bolstering our energy security, powering more of Britain from Britain through sources including nuclear.

“EDF’s decision to extend the life of the Heysham 1 and Hartlepool power stations is therefore welcome news, and comes on top of the investment we are already making in new nuclear, including the first public investment in nuclear for 40 years at Sizewell C and new reactor technologies.”

A government spokesperson told ELN: “New nuclear is key to Britain’s energy security, that’s why we intend to include nuclear in the UK Green Taxonomy, subject to consultation.

“It is important we take the time to get the Taxonomy absolutely right, given the challenges faced in Europe. We plan to publish an update in due course as part of the Green Finance Strategy.”

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