World Nuclear Assocation welcomes the UK Green Taxonomy consultation and urges UK government to classify nuclear energy as ‘green’. This consultation seeks to gather views on the value case for a UK Green Taxonomy as part of the UK’s wider sustainable finance framework. We strongly support the proposal outlined in section 3.4 of the consultation document, which suggests that nuclear energy be classified as green, subject to further consultation.

The key points we share here in support of the classification of nuclear as ‘green’ for your consideration are as follows:

1. Sustainability credentials: the proposition of nuclear power as a sustainable energy source is fundamentally robust due to its innate energy density, and its internalization of health and environmental costs.(1)(2)
2. Mobilizing investment: the inclusion of nuclear will send a clear signal to investors, mobilizing much-needed private finance. Its inclusion will also allow for the issuance of sovereign green bonds for nuclear, helping HMG to deliver its energy policy objectives.
3. Market acceptance and global trends: during New York Climate Week in 2024, it was evident that banks and major technology companies are increasingly looking to nuclear energy to provide the reliable, cost-effective, and clean power needed by intensive energy end users, such as data centres. The Executive Director of the International Energy Agency, Fatih Birol, said in January 2025 that nuclear “…can make a significant contribution to achieving sustainable energy goals and enhancing energy security.”

Across the world, many utilities are now raising private capital for projects through the issuance of green bonds, including: Nucleoeléctrica Argentina SA in Argentina; Bruce Power and Ontario Power Generation in Canada; Teollisuuden Voima Oy in Finland; EDF in France; Kyushu Electric Power Co. in Japan; Constellation in the USA; and ENEC in UAE. These examples demonstrate the beneficial impact inclusion of nuclear in taxonomies can have on delivering much-needed public and private investment.

We expand upon these points within the full response to questions.

In addition to responding to the consultation, the Director General has written directly to HM Treasury on the classification of nuclear. 

13 February 2025

References

(1) UNECE, Carbon Neutrality in the UNECE Region: Integrated Life-cycle Assessment of Electricity Sources (October 2021)
(2) European Commission’s Joint Research Centre, Technical assessment of nuclear energy with respect to the ‘do no significant harm’ criteria of Regulation (EU) 2020/852 (‘Taxonomy Regulation’) (August 2021)