Sustainability Award
The UK’s commitment to achieving net zero by 2050 hinges significantly on the nuclear sector, through the production of substantial volumes of low-carbon electricity – a vision embodied in the government’s ambition for a 24Gigawatt nuclear capacity. The development of Sizewell C (SZC) in Suffolk, at 3.2GW, is crucial to the government being able to achieve this. When operational, SZC is set to provide 7% of the UK’s electricity and reduce annual carbon emissions by nine million tonnes. Moreover, SZC will leave a lasting positive impact by driving broader environmental and societal gains like promoting gender equity in nuclear roles and achieving a 19% biodiversity net gain, aligning it with multiple UN Sustainable Development Goals (UN SDGs).
Using the industry-acclaimed Project 13 approach, EY teams have provided strategic advisory services to SZC to accomplish key project milestones. These include the Government Investment Decision (GID) in November 2022. EY team’s invaluable support as key advisor enabled SZC to secure £679 million of government funding by developing the GID Enablers tool, which project managed the delivery of government requirements and built trust ahead of this key investment decision.
EY team led the delivery of the SZC project designation, a historic and first-of-a-kind result. SZC became the first nuclear project to be designated for the Regulated Asset Base model, paving the way for a new funding model for the nuclear energy sector. The creation of the ESG Investor Information Pack sets out the project’s sustainability credentials ahead of investor engagement – and is critical for the capital raise process. Additionally, the launch of the Sustainability at SZC report, which outlines the project’s sustainability ambition over the construction phase, was another recent significant milestone. And by project managing the Development Consent Order requirements, the EY team has also ensured SZC was able to deliver on its commitments to the local area.
To assist SZC in addressing climate-related financial risks, EY team showcased its unique expertise by mobilising its proprietary climate modelling tool, the EY Climate Analytics Platform (CAP). Furthermore, EY team played a central role in cementing SZC’s environmental, social, and governance (ESG) proposition and in December 2023 the team launched the Sustainability at SZC report. The project has also delivered on specific UN Sustainable Development Goals (SDGs). For example, in support of UN SDG 8, SZC made a commitment to investing in UK jobs and skills, with 70% of the construction value to be spent with UK businesses across the regions.
In addition, the project has promoted gender diversity in the nuclear sector (which has been largely male-dominated) with the SZC signing up to the Nuclear Sector Deal – which aims to deliver 40% Women in Nuclear by 2030. EY organisation has supported its client’s ambition and is proud that its key advisor team is around 45% female, including in key leadership positions (such as Engagement Manager).
EY team’s collaboration with SZC has solidified the project’s legacy by making substantial strides towards realising the UK’s net zero goal.
View the EY profile in the MCA Members Directory.