Nuclear power is to be classed as “environmentally sustainable” in the UK’s green taxonomy, giving it access to the same investment incentives as renewable energy, chancellor Jeremy Hunt announced in his spring budget 2023 speech on Wednesday (15 March).
Hunt also announced the launch of Great British Nuclear, a government-backed agency which will he said will bring down costs and provide opportunities across the nuclear supply chain to help provide up to 25% of the country’s electricity by 2050, up from around 15% today.
The government said when it first proposed Great British Nuclear last year that it will be tasked with helping projects through every stage of the development process and developing “a resilient pipeline of new builds”.
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