So, what was Keir Starmer’s response to news yesterday that not only was 2024 the hottest year ever, but that January 2025 was the hottest January ever – when it had been widely predicted that it would be a lot cooler than January 2024: we’re going to double down on our endlessly recycled nuclear fantasies as the best way of achieving instant economic growth.
At the same time, the once-quite-sensible Ed Miliband was reduced to mouthing growthist inanities: “build, baby, build”.
OMG! What drugs are these pro-nuclear politicians on? Was their mothers’ milk radioactive? Do they really have to regurgitate every last gobbet of the nuclear industry’s manic and mostly dishonest hype?
Here’s what this nuclear growth agenda looks like in reality.
Over the next decade, both the big stuff (another of EDF’s Hinkley Point look-alikes at Sizewell C on the Suffolk coast) and the small stuff (as in the spectacularly over-hyped Small Modular Reactors) will make zero difference to consumers’ energy bills; zero difference to UK energy security; and zero difference to achieving our Net Zero targets .
During that time, new nuclear’s contribution to economic growth will be marginal at best, non-existent at worst. Sizewell C is may never get a Final Investment Decision – after six years of “best efforts” to sign up investors by both the Tories and Labour. Contrary to what you might think, Small Modular Reactors do not, at the moment, actually exist outside of the fevered brains of the nuclear industry. And even if the investment required, for either big or small, was somehow cobbled together, any new nuclear projects are GUARANTEED to be massively over-budget (good for growth, I agree, but disastrous for taxpayers) and massively delayed.
Which is why, dear Keir and dear Ed, easing planning conditions for new nuclear projects will make literally ZERO difference to achieving any additional economic growth.
To mitigate the despair you might now be feeling, thinking about the nuclear-powered Starmer/ Reeves/ Miliband troika, here’s a quick pick-me-up to end the week on a cheerier note.
Just a week ago, a consortium of financial institutions (led by the World Bank and the African Development Bank) agreed the biggest roll out of solar energy in the continent of Africa’s history: $35 billion in loans (at below-market interest rates) to provide electricity for roughly half of the 600 million Africans who are currently deprived of that basic necessity. And roughly half of that $35 billion will be invested in solar mini-grids at the village level. All to be rolled out over the next five years.
It’s so much easier to stay hopeful when one can deal in reality not fantasy.
Sir Jonathon Porritt
