The UK Chancellor of the Exchequer Jeremy Hunt has today outlined his plans for carbon capture, utilisation and storage (CCUS) and nuclear energy in the Spring Budget. He noted that, “subject to consultation”, the UK will be taking a leaf out of the EU’s book, classing nuclear energy as “environmentally sustainable” in the upcoming green taxonomy – although there was no further detail on when we can expect the taxonomy, which was delayed earlier this year. He further announced plans to launch Great British Nuclear, which will bring down costs and increase opportunities across the nuclear supply chain, and a review of small modular reactors (SMRs) to be completed by the end of this year. Hunt said the government is allocating £20 billion (US$24 billion) of support for the early development of CCUS, beginning with projects across the North of England and Wales, which he alleged will support up to 50,000 jobs, attract private sector investment, and capture 20-30 million tonnes of CO2 per year by 2030.
Here’s a recap of the top things you need to know from today’s Spring Budget.
— HM Treasury (@hmtreasury) March 15, 2023