UK now incentivizes small modular reactors that generate nuclear power in a bid to lower fossil fuel reliance

Per Bloomberg

The UK has just announced its new moves to incentivize those wanting to build small modular reactors to generate nuclear energy. The funding package comes as the UK is trying to reduce fossil fuel reliance.

In total, the UK will be providing $205 million in grants for companies within the nuclear business. The initiative was called the "Great British Nucelear" which aims to help the government get closer towards its energy consumption goals.

In 2050, the UK wants a quarter of its electiricity to come from domestic nuclear energy. This comes as the government, along with the resst of the UK, are looking to cut reliance on natural gas.

The initiatives mirror those in France, Poland, the US, and Canada, which aims to offer advantages to small reactors instead of conventional reactors. However, these reactors remain in the early stages of development.

It was recently reported that the US continued to spend $1 billion annually on Russia's nuclear program despite the tension. This comes as most of the money was spent on enriched uranium.

In April, it was reported that France and China were discussing deals regarding nuclear and wind energy. This came as China's Xi Jinping and France's Emmanuel Macron met on multiple instances to discuss many topics, including Russia and Ukraine.

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