The UK government announced on Tuesday a USD 285 million investment in a public-private project led by British aircraft engine maker Rolls-Royce to design and build small nuclear reactors capable of powering one million homes apiece.
"Next steps in developing the design for one of the world's first small modular reactors (SMR) has been backed by USD 285 million in new government funding for Rolls-Royce SMR," the official statement said.
The UK government's investment will be matched by a private funding of over USD 340 million, and it is part of Prime Minister Boris Johnson's 10-point plan for a green industrial revolution seeking to reduce the country's dependence on fossil fuels and meet the goals set out by the 2015 Paris Climate Agreement.
"This is a once in a lifetime opportunity for the UK to deploy more low carbon energy than ever before and ensure greater energy independence," Business and Energy Secretary Kwasi Kwarteng was quoted as saying.
The government claimed that because of their size, small nuclear reactors are less expensive to build than traditional nuclear power plants as their parts can be produced in dedicated factories and shipped by road to site, thus reducing construction time and costs.
The announcement comes as the UN Conference on Climate Change (COP26) currently underway in Glasgow, Scotland, from October 31 till November 12 is expected to reach meaningful commitments to cut greenhouse emissions, achieve carbon neutrality and limit global warming to 1.5 degrees Celsius.
The UK has already pledged to achieve carbon neutrality by 2050, phase out coal-fired power by 2035 and ban the sale of new gasoline and diesel cars by 2030. (ANI/Sputnik)
( With inputs from ANI )
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