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Friday, March 24, 2023
Renewable Fail: Britain to Now Class Nuclear Power as “Sustainable Energy”
h/t Jim Lakely (Heartland): The British government has caved in to the reality that renewables don’t work, and will now include nuclear energy in its plan to transition to “sustainable” power.
UK ‘to class nuclear as environmentally sustainable’
15 March 2023
The UK’s Chancellor Jeremy Hunt has announced that nuclear will “subject to consultation, be classed as environmentally sustainable in our green taxonomy” – he also launched a competition, to be completed by the end of the year, which could lead to co-funding for small modular reactors (SMRs).
In his set-piece address to the House of Commons outlining the government’s tax and spending plans, Hunt said “increasing nuclear capacity is vital to meet our net-zero obligations … so to encourage the private sector investment into our nuclear programme, I today confirm that, subject to consultation, nuclear power will be classed as environmentally sustainable in our green taxonomy, giving it access to the same investment incentives as renewable energy”.
He added: “Today I can announce two further commitments to deliver our nuclear ambitions. Firstly … I am announcing the launch of Great British Nuclear which will bring down costs and provide opportunities across the nuclear supply chain to help provide up to one quarter of our electricity by 2050. And secondly, I am launching the first competition for small modular reactors. It will be completed by the end of this year and if demonstrated as viable we will co-fund this exciting new technology.”
There was no further detail about the consultation provided among the Budget documents posted online.
My suggestion, make sure the bank which holds your savings does not have significant exposure to renewable energy businesses.
Intermittent energy cannot compete with reliable energy, on anything like a level playing field.
If Britain’s decision to embrace nuclear power in its portfolio of sustainable energy options catches on, and if nuclear is treated as an equal partner to other “green” energy options, it will be like swinging a giant wrecking ball at the value of all the world’s existing wind and solar investments.