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Why is UK govt taking the financial and flooding risk of Sizewell nuclear, when renewables are clearly safer and cheaper?

Tax Research UK 16th Dec 2020, There is an article in the FT this morning that suggests something that
should be obvious, but needs saying. And that is that renewable energy is
now bringing deflation into the energy market.
The article is by Mark Lewis, who is is chief sustainability strategist at BNP Paribas Asset
Management. As he puts it: With the US poised to rejoin the Paris Agreement
under the incoming Biden administration and the proliferation of net-zero
commitments from various governments, the romance between equity markets
and renewable-energy goes from strength to strength.
But in all the excitement about the future of renewables, a bigger truth is being
overlooked: the underlying reason for the astonishing transformation of
renewables over the past decade from niche to mainstream competing
head-to-head with fossil fuels is economic rather than environmental.
And as he adds: Wind and solar are intrinsically deflationary, whereas fossil
fuels are intrinsically inflationary. This has huge implications for the
distribution of value across the global energy system over the next three
decades.
What is the reason for the risk of putting anther nuclear reactor
on the Suffolk coast where the chance that it will be flooded within the
foreseeable future is high? I wish I knew. We now have the option of viable
energy to sustain the transition we need. More investment in it only
increases its appeal. And yet still we stick with the harmful solutions. I
have never got this. I never will.

https://www.taxresearch.org.uk/Blog/2020/12/16/renewables-are-the-future-so-why-are-we-still-risking-so-much-with-nuclear/

December 17, 2020 - Posted by | business and costs, politics, UK

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