Source · Select Committees · Science, Innovation and Technology Committee
Recommendation 46
46
Accepted
Paragraph: 234
Inclusion of nuclear in UK Green Taxonomy welcomed for low-carbon contribution and investor appeal.
Conclusion
We welcome the proposed inclusion of nuclear energy generation in the UK Green Taxonomy as it reflects the low-carbon contribution of nuclear power and may make new building projects more attractive to private investors as with other low-carbon energy generators.
Government Response Summary
The government expects to consult on the UK Green Taxonomy in Autumn 2023 and has committed to including nuclear energy in the taxonomy, subject to this consultation, to encourage private investment.
Paragraph Reference:
234
Government Response
Accepted
HM Government
Accepted
As set out in the 2023 Green Finance Strategy, the Government expects to consult on the UK Green Taxonomy in Autumn 2023. The Chancellor also announced at Spring Budget 2023 that nuclear energy will be included in the green taxonomy, subject to consultation, to encourage private investment. A green taxonomy is a common framework, setting the bar for economic activities that can be defined as environmentally sustainable. The taxonomy sets out a broader set of principles than the Green Financing Framework, which sets out eligibility criteria for just one green financing programme. Any changes to the Framework in future, including due to changes in sustainable investor demand, would be transparently published by the Government.