European Union to Require 500 Billion Euro for Nuclear Energy by 2050

Power & Energy

Thierry Breton, European Commissioner for the Internal Market, the existing nuclear power plants in the European Union is going to be requiring 500 billion euro is going to be needed by 2050 for the new production of such nuclear facilities and it has also been translating to 20 billion euros every year.

The European Commissioner said in an interview that, the nuclear energy has been one of the vectors of the energy transition and hence it cannot be excluded from the green taxonomy. Thierry Breton also said that, the existing nuclear plants is going to be needing an investment of 50 billion euros from now until the year 2030, and the new production ones is going to be needed 500 billion euro and he also pointed out that, incorporating the nuclear energy into the taxonomy has been crucial for enabling the industry for the purpose of attracting all the capital needed by the European Union.

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The European Commission has also submitted a document to the member countries of the European Union for the purpose of integrating the nuclear energy and gas into the green taxonomy of the European Union, and according to a vote in the parliament of Europe on the final version of the draft proposal is going to be held by the end of the month of January 2022.

Thierry Breton also said that, the need for the nuclear energy because of the increasing demand for the carbon neutral electricity across the continent of Europe.

Sandy

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