Cost drivers identified to support investment in new nuclear power and its role in the UK’s future, low carbon energy system
This new Report was prepared for the European Commission Technical Expert Group on Sustainable Finance, and larger global investment community, to help them fairly and robustly evaluate nuclear energy as a sustainable investment.
For the second summer in a row, some nuclear power plants in Europe have been forced to temporarily shut down or reduce power output due to extreme heat waves. Some have suggested that this curtailment demonstrates that nuclear energy is ill-adapted to a warming climate.
The lack of further lifetime extensions of existing nuclear plants and new projects could result in an additional 4 billion tonnes of CO2 emissions.
The UK Government should consider investing up to GBP1 billion (USD1.3 billion) between 2021 and 2025 to boost the progress of innovation in the nuclear energy sector.
Global nuclear power has prevented an average of 1.84million air pollution-related deaths and 64 gigatonnes of CO2-equivalent greenhouse gas emissions that would have resulted from burning fossil fuels.
If we are to succeed in keeping the global temperature rise below two degrees, we need to quickly replace our fossil energy sources with solar, wind, water and nuclear power.