Leading cross-sector executives pledge to triple global nuclear capacity by 2030

Nuclear energy must be part of the mix to meet the world’s growing power demand, senior industry heads said at a major global conference.

Executives of several companies, including the world’s largest technology brands, lined up on Wednesday at CERAWeek in Houston, US to pledge their resources to triple nuclear power capacity by 2030.

That’s after the event was dominated by discussions on how natural gas would serve to alleviate the stresses of the world’s power grids that cannot be serviced by renewables alone.

According to Shell, demand for LNG is forecast to rise by around 60% by 2040, largely driven by economic growth in Asia, emissions reductions in heavy industry and transport as well as the impact of artificial intelligence.

More than 170 million tons of new LNG supplies are set to be available by 2030, helping to meet stronger demand.

However, fawning over the future potential of LNG was sidestepped as major firms came together to make a cross-sector pledge emphasising nuclear energy’s essential role in “enhancing energy security, resiliency and providing continuous clean energy.”

Anchored by the World Nuclear Association, the group counts Google, Amazon, Meta, Occidental and Dow, 14 major global banks and financial institutions including Goldman Sachs, Morgan Stanley and Bank of America, and 140 nuclear industry companies among its ranks. Over 30 countries have also pledged their support.

Launching the pledge at CERAWeek’s Innovation Agora hub, Sama Bilbao y León, Director General of the World Nuclear Association, which represents the global nuclear industry and led the initiative, said: “The unprecedented support by some of the world’s most influential companies to at least triple global nuclear capacity by 2050 sends a clear signal to accelerate policy, finance and regulatory changes that enable the rapid expansion of nuclear power.”

Lucia Tian, Head of Clean Energy & Decarbonization Technologies at Google, said: "Nuclear power will be pivotal in building a reliable, secure, and sustainable energy future.

“Google will continue to work alongside our partners to accelerate the commercialization of advanced nuclear technologies that can provide the around-the-clock clean energy necessary to meet growing electricity demand around the world."

Brandon Oyer, Head of Americas Energy and Water for Amazon Web Services, noted: “Accelerating nuclear energy development will be critical to meeting future energy demands, and addressing climate change.

“Amazon supports the World Nuclear Association’s pledge and is proud to have invested more than $1 billion over the last year in nuclear energy projects and technologies, which is part of our broader Climate Pledge commitment to be net-zero carbon by 2040.”

Urvi Parekh, Head of Global Energy at Meta, said: “Nuclear energy, with its ability to provide continuous power, can help meet rising power demands of the world. We’re excited to join alongside this multi-organizational effort to reiterate our commitment to nuclear energy.”

Edward Stones, Business Vice President at Dow Energy & Climate, said: “Dow considers nuclear energy, especially the promising technology of advanced small modular nuclear, to be a long-term competitive source of safe, firm and clean energy.”

However, nuclear power currently only accounts for less than 10% of the world’s electricity, tripling it by the end of the decade will likely be an immense challenge.

That is often down to the higher financial and regulatory burden of nuclear projects as well as anxieties over their safety in many power markets. One solution suggested by many is the deployment of small modular reactors (SMRs).

SMRs have even found flavour with US Energy Secretary Chris Wright. Despite championing natural gas on Monday, Wright - who stepped down from the board of SMR firm Oklo when he was confirmed to his post - told CERAWeek he wasn’t averse to them.

He added that the Trump administration will likely give SMR technology both financial and regulatory support, but did not detail how.