Urgent action is needed from the UK government to introduce a new financing model for nuclear plants and make final investment decisions on Sizewell B and another large-scale nuclear project, the Nuclear Industry Association said.

Tom Greatrex, chief executive of the London-based lobby group, said a final investment decision is needed on Sizewell C next year and another large-scale project in 2024.

“Without new investment, the UK risks losing its only proven source of firm, emissions-free power at a critical point for our climate goals,” Mr Greatrex said.

Mr Greatrex was reacting to the climate change committee’s latest progress report to parliament, which calls for two new nuclear power stations to be in operation by 2035, in addition to Hinkley Point C for a total of 10 GW of capacity. The additional nuclear capacity is needed if the UK is to meet the committee’s proposed pathway for achieving the “sixth carbon budget” for 2033-37, a “stepping stone” of emissions cuts on the way to net-zero.