Chancellor of the Exchequer, Jeremy Hunt, has announced that nuclear energy will be reclassified as "environmentally sustainable" to allow it to receive investment incentives like renewable energy.
He also introduced a scheme to lower nuclear energy costs and generate a quarter of the UK's electricity by 2050.
In addition, there will be a competition for small modular reactors (SMRs) to be funded if viable, an investment of £700m in Sizewell C nuclear power station, and up to £20bn invested in carbon capture usage and storage (CCUS) technologies.
The UK Chancellor, Jeremy Hunt, has reclassified nuclear power as "environmentally sustainable," which will allow it to access investment incentives similar to renewable energy.
He hopes to increase nuclear power's contribution to the UK's electricity generation to 25% by 2050 through the introduction of the Great British Nuclear scheme, which aims to lower costs and bolster the nuclear supply chain.
Hunt's budget also included a competition for small modular reactors (SMRs), an investment of £700m in Sizewell C nuclear power station, and funding for carbon capture usage and storage (CCUS) technologies.
The government hopes that nuclear power, SMRs, and CCUS can help the UK decarbonise while securing its energy future.
The Independent characterised the announcement as aiming to reduce costs and increase nuclear power's contribution to the energy mix, while noting opposition to nuclear power is likely to remain.
Energi Watch, meanwhile, described the announcement as a "boost" to the UK's nuclear industry and a push to "ensure the country maintains energy security for the future."