{"id":12064,"date":"2023-03-15T15:48:38","date_gmt":"2023-03-15T15:48:38","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=12064"},"modified":"2023-03-15T15:48:40","modified_gmt":"2023-03-15T15:48:40","slug":"uk-classifies-nuclear-as-environmentally-sustainable-in-green-taxonomy","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/uk-classifies-nuclear-as-environmentally-sustainable-in-green-taxonomy\/","title":{"rendered":"UK Classifies Nuclear as \u201cEnvironmentally Sustainable\u201d in Green Taxonomy"},"content":{"rendered":"\n
\n <\/div>\n\n\n\n

Nuclear power will be classified as \u201cenvironmentally sustainable\u201d under the UK\u2019s upcoming green taxonomy, with access to the same investment incentives provided for renewable energy, in a move aimed at encouraging private investment, according to Chancellor of the Exchequer, Jeremy Hunt.<\/p>\n\n\n\n

The announcement was made Wednesday as part of Hunt\u2019s first budget speech as Chancellor, during which Hunt said that nuclear would provide a \u201ccritical source of cheap and reliable energy,\u201d and that \u201cincreasing nuclear capacity is vital to meet our Net Zero obligations.\u201d<\/p>\n\n\n\n

The initiative to develop a green taxonomy was initiated in 2020<\/a> by then-Chancellor Rishi Sunak, in order to provide a common framework for determining which activities can be defined as environmentally sustainable, and to improve understanding of the impact of firms\u2019 activities and investments on the environment while supporting the transition to a sustainable economy. The regulation was initially planned to be passed into law in late 2022, but has been delayed until at least later this year.<\/p>\n\n\n\n

The UK\u2019s Taxonomy initiative follows the recent passage of the EU Taxonomy, which included nuclear power, although the addition of nuclear and gas proved controversial, with some member states<\/a>, and the European Commission\u2019s own sustainable finance advisory group<\/a> opposed to their inclusion, noting problems including potentially adversely affecting other taxonomy objectives such as circular economy, pollution prevention and water and marine, and potential long-term problems from managing nuclear waste.<\/p>\n\n\n\n

In his budget speech, Hunt noted that the UK has made significant renewable energy investments over the past few years, increasing \u201cthe proportion of electricity generated from renewables from under 10% to nearly 40%,\u201d but added:<\/p>\n\n\n\n

\n

\u201cBut because the wind doesn\u2019t always blow and the sun doesn\u2019t always shine, we will need another critical source of cheap and reliable energy.<\/p>\n\n\n\n

\u201cAnd that is nuclear.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Additional climate-focused initiatives in the budget included the allocation of \u00a320 billion to support the early development of Carbon Capture Usage and Storage (CCUS), along with additional measures focused on improving energy efficiency.<\/p>\n\n\n\n

While sustainable investment and finance groups welcomed the budget\u2019s climate-focused measures, they criticized Hunt for not going further to drive the UK\u2019s net zero efforts, or addressing the need to respond to major clean energy and industry packages launched by the U.S. and EU, such as the Inflation Reduction Act<\/a>, and the Green Industrial Plan<\/a>, respectively.<\/p>\n\n\n\n

UK Sustainable Investment and Finance Association (UKSIF) CEO James Alexander said:<\/p>\n\n\n\n

\n

\u201cWhile a number of today\u2019s Budget measures are welcome, including support for carbon capture and storage technologies and some clarity provided on the UK\u2019s \u2018green taxonomy\u2019, this Budget should have begun serious consideration of a positive UK response to the global clean energy \u2018arms race.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The budget states that the government will outline more actions later this month targeting energy security and the UK\u2019s net zero commitments.<\/p><\/span>","protected":false},"excerpt":{"rendered":"

Nuclear power will be classified as \u201cenvironmentally sustainable\u201d under the UK\u2019s upcoming green taxonomy, with access to the same investment incentives provided for renewable energy, in a move aimed at encouraging private investment, according to Chancellor of the Exchequer, Jeremy Hunt. The announcement was made Wednesday as part of Hunt\u2019s first budget speech as Chancellor, […]<\/p>\n","protected":false},"author":13,"featured_media":12065,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[36,31],"tags":[],"acf":[],"yoast_head":"\nUK Classifies Nuclear as \u201cEnvironmentally Sustainable\u201d in Green Taxonomy - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/uk-classifies-nuclear-as-environmentally-sustainable-in-green-taxonomy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Classifies Nuclear as \u201cEnvironmentally Sustainable\u201d in Green Taxonomy - ESG Today\" \/>\n<meta property=\"og:description\" content=\"Nuclear power will be classified as \u201cenvironmentally sustainable\u201d under the UK\u2019s upcoming green taxonomy, with access to the same investment incentives provided for renewable energy, in a move aimed at encouraging private investment, according to Chancellor of the Exchequer, Jeremy Hunt. 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