While France generates most of its energy from nuclear, Britain has the highest industrial electricity costs in the world. The upfront costs of small modular reactors are high, but so is the return on investment, says John Caudwell

Last month was the hottest January on record globally. It was unexpected because the natural weather phenomena known as ‘La Niña’ should have produced a cooling effect. That suggests that La Niña might be losing its ability to keep global warming in check – a terrifying reminder of the escalating climate crisis.

Countries around the world stand at a crossroads in deciding how to deal with this challenge. They can choose to create meaningful, sustainable jobs in the clean tech sector and, by doing so, stimulate economic growth and help protect our planet. Or they can choose to opt out of this race and watch others reap the rewards as they build the green infrastructure and technology of the future.

Last week, the government gave us further evidence that it is choosing the former. The prime minister is standing up for Britain’s future by pledging to reform the UK’s planning rules to make it easier to build nuclear power plants. These reforms will also make it easier to build small modular reactors (SMRs). This is good news and should be welcomed as a decision long overdue.

In 2010, the then Leader of the Liberal Democrats and soon-to-be Deputy Prime Minister Nick Clegg dismissed the tremendous opportunities offered by nuclear power because its benefits would not be apparent until 2022. Well, in 2025, such thinking appears very short sighted.

In the middle of the 20th century, Britain was the world leader in nuclear power. In fact, in 1965, the UK had more nuclear reactors than the rest of the world combined. But Britain’s nuclear engineering expertise has since disappeared as our nuclear industry atrophied, in part through our reliance on gas.

And now in Britain we look over the Channel in envy at France, who – for decades – have generated most of their energy, many times the world average, from nuclear power. 

It’s because of our short-term approach that Britain now has an energy problem. We have one of the highest domestic electricity costs in Europe, and we have the highest industrial electricity cost in the world.