Nukes Rebranded as Green

NFLAs convinced new government taxonomy will greenwash nuclear. Treasury officials and ministers are looking to officially rebrand nuclear power as ‘green energy’ in their latest taxonomy plan; a move the NFLAs will continue to expose and oppose. Mirroring moves first made by the European Commission, and mooted by the previous Conservative Government, a consultation has now concluded on whether Ministers should establish a new ‘UK Green Taxonomy’ which is described as a ‘useful tool’ in the UK’s ambition ‘to be the world leader in sustainable finance’. The consultation document describes a taxonomy as ‘a classification tool which provides its users with a common framework to define which economic activities support climate, environmental or wider sustainability objectives’. In essence, it is a mechanism to judge whether an investment is deemed to be ‘green’; if in the case of energy, the technology is judged ‘green’ financial bodies will be better able to justify investing in it to their share- or bondholders. It would be easy to miss the oblique reference buried in the document where it states that ‘the government proposes that nuclear energy will be classified as green in any future UK Green Taxonomy’. This proposal will be the subject of a further consultation.