The UK’s Nuclear Industry Association has called on the government to produce a financing mechanism that supports investment in new build projects and warned that the country will miss its goal of net zero carbon by 2050 unless it finds a way to finance new reactors.

In a letter to Chancellor Rishi Sunak the London-based association’s chairman Dr Tim Stone urged the government to respond to the RAB model consultation and work with the industry on developing a robust financing model that is put in place before the end of 2020.

The government announced in June 2018 that it would review the viability of the RAB, or regulated asset base model, but it has yet to respond to a public consultation on the Treasury’s proposal that took place last year.

The association adds that the UK cannot rely on “weather-dependent” renewable energy such as wind and solar power for all its future power needs. Nor could it wait for “breakthrough” technologies to emerge.

It noted that the Committee on Climate Change recommended that a future energy mix should be made up 38% firm power, of which nuclear is the only “proven, commercially viable option”.

Before the end of this decade, however, all but one of the UK’s operating nuclear power stations will be due to retire and there is only one new build under construction at Hinkley Point C.

“Without the right policy framework and investment model in legislation, then replacing this capacity and underpinning our future power needs becomes impossible to achieve,” the letter says.