Europe’s nuclear power plants will need investments of EUR 500 Billion, so they need to be labelled ‘green” !

Nuclear Power Preparing to Change Colour, Energy Industry Review, Adrian Stoica February 16, 2022

Cutting-edge nuclear power plants will need investments of EUR 500 billion by 2050, according to the European Commissioner for the Internal Market, Thierry Breton, and to support these projects it is ‘crucial’ for nuclear power to receive the green label within energy transition.

The European Commission (EC) has already prepared a draft proposing rules for the classification of investments that will meet the climate sustainability criteria (“sustainable finance taxonomy”). Therefore, nuclear power plants will be considered green if there is a plan, funding, and location suitable for the elimination of radioactive waste.

The draft has already ignited the spirits in the European Union. While France, a country that ensures 70% of its energy consumption from nuclear source, supports it, Germany, but also other states, vehemently oppose to such draft and threatened to even consider legal action against the European Commission. Together with France, several states, including Romania, have signed a declaration requesting the Commission that nuclear energy be included in the list of green investments.

Existing nuclear plants alone will need €50 billion of investment from now until 2030. And new generation ones will need €500 billion by 2050,” said Thierry Breton. At the end of last year, the European Commission announced that it was preparing a draft according to which some nuclear power plants and some of the gas-fired power plants could be considered green projects, which would make it easier for them to attract funding. The Community Executive has raised comments on this draft until January 12, following to officially present the text of its proposal. Currently, about 26% of electricity produced in the EU comes from nuclear power plants and Commissioner Thierry Breton has estimated that it would account for at least 15% of the energy mix in 2050.

Romania supports the EC initiative

Romania, country which operates two nuclear units, and which has several projects providing for the construction of two other groups and small nuclear power plants with a US partner, has publicly requested, together with other states, the inclusion of nuclear energy in the list of ‘green’ investments………………………… For all of us, nuclear energy is a crucial and reliable asset for a low-carbon future,” reads a statement signed in October 2021 by the representatives of Poland, Hungary, Slovakia, Bulgaria, Croatia, Romania and Slovenia……………………… https://energyindustryreview.com/power/nuclear-power-preparing-to-change-colour/