The Autumn Budget, has come and gone once again. This time with an emphasis along the subject of increased decarbonisation within the UK’s power sector.
But what does this mean for Nuclear?
Following years of divering and speculation surrounding the chatter of large nuclear projects within the UK, the treasury has now committed to a figure of £1.7bn, with another £385m to be included within the Advanced Nuclear Fund.
The Advanced Nuclear Fund, which is committed to developing small modular reactors, with then another additional £120m, will be utilized to see the creation of the Future Nuclear Enabling Fund. With the purpose of this new fund, being to help companies to meet pre-determined construction conditions and requirements.
The Hynet and East coast Carbon capture, utilization, and storage clusters, have been earmarked to receive £1bn of this funding, and are the first to begin operations.
The heavy industry and hydrogen producers using these clusters will receive up to £140m, to help see them through as they come to adapt.
As announced by Chancellor Rishi Sunak on Wednesday of the 28th, the Budget, was largely composed of strong environmental themes, with the monumental promise of a £30bn fund for green infrastructure investment. £1.5bn of this allotted funding, has been reserved to springboard the UK’s transition towards Net Zero, with the wind sector being expected to see £380m of funding that has yet to be specified.
What has become clear, is that the UK government now seems to be taking a more serious look at Nuclear Power when compared to years prior, which plays significantly into the climate goals, as the UK looks to transition ever increasingly into a low carbon generating nation. In combination with renewables, there would be a practical thesis in place, to see this demanded transition become a reality.
The COP26 conference, officially began in Glasgow yesterday, and with this, the political leaders of world will convene to discuss how to tackle the evident deuteriation of the planet’s ecosphere, as a result of climate change. Many anticipate this event, as the world stage shuffles and sets upon what course of actions will be taken in the days and months ahead.
Whether or not we will we are due to see further expansion into the development of the Nuclear Sector is right at this moment unclear, however, the forward momentum, arguments, and ethos for further Nuclear expansion could not be clearer.
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