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Nuclear Power Classified as Environmentally Sustainable in UK’s Green Taxonomy

On March 15, 2023, the UK’s Chancellor of the Exchequer, Jeremy Hunt, announced that nuclear power will be classified as “environmentally sustainable” in UK’s green taxonomy, “giving it access to the same investment incentives as renewable energy.” …………………………………..

The inclusion of nuclear in the UK Taxonomy, while controversial, is not surprising given the UK’s stated commitment to building its nuclear fuel capacity. In a 2022 policy paper titled “British energy security strategy,” the Johnson government committed to increase the portion of energy generated from nuclear power to 25%, and to launch a variety of related initiatives, including “backing Great British Nuclear with funding to support projects to get investment ready and through the construction phase.” 

…………………….. The Sunak government has not yet released its energy security strategy, but Sunak hinted that its strategy will continue the ongoing commitment to increase the UK’s nuclear energy capacity, by focusing on carbon capture and storage, small modular reactors and the like.

………………………….  It is worth noting, however, that although that the EU Taxonomy Delegated Act is in force, a regulation for UK’s green taxonomy is not and there is no clear timeline for implementation. Rather, the UK government announced in December 2022 a delay in implementation following stakeholder engagement and in light of the complexity inherent in a climate taxonomy, which involves “multiple sectors of the economy and various legislative and regulatory frameworks.”

April 1, 2023 - Posted by Christina Macpherson | politics, UK