On 14 January 2020, the European Union (UN) unveiled plans for €1 trillion in sustainable investments over the coming decade. The investment is designed to make the EU climate-neutral by 2050, however, the transition fund money under the plan will not finance the construction of nuclear power plants.
Dame Carolyn Fairbairn, director-general of the CBI, has urged the Government to consider alternative funding models for new nuclear. She joins EDF in lobbying for a ‘regulated asset base’ model, arguing that without it the UK will not be able to meet the Government’s new climate change targets. In a letter to Greg Clark, the business secretary, she also recommends that the Government to use this summer’s white paper to give ‘clarity on its vision’ to reach net zero.