Environmental campaigners hold a mock funeral in Brussels for the EU taxonomy, a list of climate-friendly investments that could yet include nuclear power. EPA
Environmental campaigners hold a mock funeral in Brussels for the EU taxonomy, a list of climate-friendly investments that could yet include nuclear power. EPA
Environmental campaigners hold a mock funeral in Brussels for the EU taxonomy, a list of climate-friendly investments that could yet include nuclear power. EPA
Environmental campaigners hold a mock funeral in Brussels for the EU taxonomy, a list of climate-friendly investments that could yet include nuclear power. EPA

Nuclear power has 'central role' in Europe's race to net zero


Tim Stickings
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Nuclear power “must play a central role” in Europe’s race to carbon neutrality, a senior EU figure has said, taking France’s side of a protracted debate.

Thierry Breton, the EU’s Internal Market Commissioner, said atomic power stations had a “huge potential” to meet Europe’s clean energy needs.

The EU is expected to announce shortly whether nuclear energy will be officially badged as climate-friendly.

France is leading the push for nuclear power to be included on a menu of green investments, despite objections from campaigners and countries such as Germany, Austria and Denmark.

Although nuclear plants have a minimal carbon footprint, critics say the risk of an accident and the problems of storing radioactive waste mean they are hardly environmentally friendly.

But addressing a World Nuclear Exhibition in Paris on Tuesday, Mr Breton touted its benefits as a stable energy source that reduces Europe’s reliance on imported fuels at a time when gas prices are high.

Europe’s plan to be the world’s first climate-neutral continent by 2050 will require huge electricity supplies, making nuclear energy indispensable, he said.

“Nuclear can and must play a central role,” said Mr Breton, a former French economy minister.

“In such a transition to a neutral climate, we have to be able to rely on nuclear energy as a major, steady source of decarbonised energy.

“The new geopolitical, industrial reality demands two major assets from Europe: first of all, capacity; secondly, stability. These two prerequisites are what define the nuclear energy sector.”

He said there was a “huge potential in terms of nuclear energy for the production of hydrogen”, another plank of the EU’s climate plans.

Ursula von der Leyen, President of the European Commission, announced plans on Monday to make clean hydrogen cheaper than the type produced from fossil fuels.

France obtains most of its electricity from nuclear power plants, such as this one in Civaux. Bloomberg
France obtains most of its electricity from nuclear power plants, such as this one in Civaux. Bloomberg

Green brochure

Brussels will try to steer investors towards clean energy by giving them a brochure of climate-friendly options known as the EU taxonomy.

But the list’s publication has been delayed by divisions over nuclear power and natural gas, both regarded by some countries as preferable alternatives to coal and oil.

Campaigners held a mock funeral for the taxonomy in Brussels on Monday, saying it had been undermined by politics and industry lobbying.

The think tank E3G issued a warning that the EU could “give away its climate leadership” if questionable investments appeared on the list.

Including nuclear, or gas, in the taxonomy would be “extremely difficult to reconcile” with what is meant to be science-based guidance, analysts said.

In addition, the divisions in Europe have “eroded its climate leadership on the international stage”, they said.

Germany, Austria, Denmark, Luxembourg and Portugal used this month's Cop26 summit to issue a declaration opposing nuclear power’s entry in the taxonomy.

But France has a coalition of nuclear supporters behind it including Poland, Hungary, Romania, Finland and the Czech Republic.

France obtains the majority of its electricity from its 56 nuclear power stations. Germany plans to close its last remaining plants next year.

ICC T20 Team of 2021

Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Champions parade (UAE timings)

7pm Gates open

8pm Deansgate stage showing starts

9pm Parade starts at Manchester Cathedral

9.45pm Parade ends at Peter Street

10pm City players on stage

11pm event ends

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Updated: November 30, 2021, 11:54 AM