© Reuters. FILE PHOTO: The British union flag flutters on the Victoria Tower at the Houses of Parliament, as Parliament is recalled to ratify legislation confirming Britain’s departure from the European Union, in London, Britain December 30, 2020. REUTERS/Toby Mel
(Reuters) – The UK government will announce plans to fund a new nuclear power plant before the 2024 election as part of its Net Zero strategy, The Telegraph reported on Sunday.
“We are seeking to approve at least one more large-scale nuclear project in the next few years to strengthen energy security and create thousands of jobs,” a government spokesperson told Reuters.
The recent energy crisis in Europe and fuel shortage in the UK have brought to light the shortcomings of over-reliance on non-renewable energy and have prompted London’s move towards clean, renewable energy generation.
The Sizewell C site, a nuclear power plant being endorsed by EDF (PA:EDF) Energy for Suffolk, eastern England, will be the top pick to get the funding, The Telegraph report added, citing government insiders.
Early this month, British Prime Minister Boris Johnson said the UK was aiming to produce “clean power” by 2035 as part of its goal of reaching net-zero carbon emissions.
UK to fund new nuclear power station as part of net zero drive -Telegraph
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.