CBI calls for investment in nuclear and carbon capture as future of energy generation

CBI
Rain Newton-Smith

The CBI says the UK must build new nuclear power stations and scale up carbon capture technology and infrastructure if it’s to reach the Government’s target of net-zero greenhouse gas emissions by 2050.

In a letter to the Secretary of State for Business, Energy, and Industrial Strategy Britain’s largest business group sets out a series of priorities to decarbonise the UK economy and calls on the Government to use a forthcoming Energy White Paper to give more clarity on its vision. The priorities include:

  • Progressing large-scale nuclear projects and supporting innovative nuclear technologies, such as Small Modular Reactors
  • Technology trials to determine the best, localised solutions to fully decarbonise heat in homes, offices and industrial processes
  • A clear mix of incentives for consumers and businesses to buy electric and hydrogen-powered vehicles, alongside comprehensive nationwide infrastructure ready for future demand
  • Rationalising the tax and business rates system to ensure green energy is encouraged, not penalised
  • Hosting COP 26 to showcase to the world the UK’s expertise in green technology and commitment to leading on climate change action.

Rain Newton-Smith, CBI Chief Economist, said: “Business is right behind the need for the UK to have a net-zero economy by 2050 and build on our global leadership in cutting greenhouse gas emissions.

“To deliver the Government’s admirable net-zero policy by 2050, it is mission critical that business, politicians and the public work together to devise and make the necessary changes.

“Firms want to see a whole host of stable, long-term policies enacted – from building new nuclear power stations to scaling-up carbon capture and storage technology and infrastructure – that send markets a robust signal: the UK is open for green business, and is a world leader in tackling climate change.”