Hunt

In his spring 2023 budget speech to the House of Commons last Wednesday, U.K. chancellor of the exchequer Jeremy Hunt confirmed that, subject to consultation, nuclear power will be classified as environmentally sustainable in the U.K. green taxonomy, providing potential private investors in nuclear projects access to the same incentives currently enjoyed by investors in renewables. (Last year, the European Union added nuclear and natural gas to the list of green technologies covered by its taxonomy, but only on a transitional basis under what the European Commission termed “clear and strict conditions.”)

“We have increased the proportion of electricity generated from renewables from under 10 percent to nearly 40 percent,” Hunt declared. “But because the wind doesn’t always blow and the sun doesn’t always shine, we will need another critical source of cheap and reliable energy. And that is nuclear.”

The British government has announced an investment of £679 million (about $828 million) in the proposed Sizewell C nuclear plant in Suffolk, England, confirming chancellor of the exchequer Jeremy Hunt’s remarks on the project in his November 17 Autumn Statement.