Source · Select Committees · Science, Innovation and Technology Committee
Recommendation 47
47
Accepted
Conduct and publish consultation results quickly, reviewing nuclear energy's Green Financing access
Recommendation
The Government should conduct and publish the results of its consultation quickly, and during this time review nuclear energy’s access to the Green Financing Framework with a view to ensuring consistency and addressing the contradiction between the two. (Paragraph 235) Regulation and location
Government Response Summary
The government expects to consult on the UK Green Taxonomy in Autumn 2023, which will include nuclear energy, to encourage private investment. It commits to transparently publishing any future changes to the Green Financing Framework.
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.