Nuclear energy in 24/7 carbon-free energy systems: meeting the moment

Last December at COP28 in Dubai, World Nuclear Association launched the Net Zero Nuclear initiative, which resulted in heads of state and high-level officials from 25 countries coming together to boldly call for the ambitious goal of tripling nuclear capacity globally by 2050. A few days later, at the first Global Stocktake, the 199 nations convened at COP28, declared unanimously that nuclear energy is one the energy technologies that needs to be accelerated to meet net zero by 2050. Last February, at the ministerial meeting that marked the 50th anniversary of the International Energy Agency, ministers recognised nuclear as one of the technologies for achieving energy security and decarbonisation. And just a couple of weeks ago, the G7 Leaders meeting in Apulia, Italy highlighted the potential of nuclear energy in accelerating the transition to net zero and improving global energy security.

What do all those declarations have in common? It is the first time ever that nuclear energy has been mentioned, much less recognised, in any of the above global decision-making forums.

Indeed, in the last couple of years nuclear energy has seen a significant resurgence. Policy makers, energy thought leaders, the finance community, energy-intensive industrial users, media and civil society are recognising both the enormous contributions of the existing nuclear fleet, and the essential need to accelerate the deployment of new nuclear for energy security and independence, and to meet Paris Agreement targets in a cost-effective and equitable manner. In addition to the GW-scale technology, well-proven as it generates today the largest amount of carbon-free electricity in OECD countries, new technologies such as Small Modular Reactors (SMRs) and microreactors are becoming available rapidly. These advanced technologies are expected to be more affordable, factory-built and very customisable to various applications.

That new momentum is becoming clear as countries are translating these energy policies into industrial policies that will help rebuild supply chains, workforce and the overall capabilities of the nuclear industry to deliver at scale with the speed needed, as was done in the 1970s and 80s when investment in nuclear capacity in countries like France or Sweden achieved the fastest decarbonisation to date.

The European Union (EU) SMR Industrial Alliance is a perfect example of governments efforts to accelerate the deployment of SMRs and ensure a strong EU supply chain, including a skilled workforce. Similarly, the United States recently approved Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act seeks to incentivise innovation and investment in nuclear technologies, facilitates redevelopment of conventional energy sites (such as coal power plants) for future nuclear energy projects, and very importantly, enables the Nuclear Regulatory Commission to more efficiently carry out its mission licensing nuclear projects. These efforts complement already ongoing successful nuclear deployment programs taking place in other parts of the world, such as China, Korea, United Arab Emirates, Canada, Turkey, Bangladesh, or Egypt.

The opportunity offered by nuclear energy is particularly exciting because nuclear energy can generate simultaneously 24/7 carbon-free electricity and heat. This could indeed be a game changer to help decarbonise hard to abate sectors, such as the metallurgical industry, the chemical industry, the hydrogen and ammonia industries or the petrochemical industry. Indeed, nuclear energy could be instrumental to help decarbonise scopes 1 and 2 of the oil and gas industry, both in upstream and downstream operations. Furthermore, much progress is being made towards advancing the use of nuclear propulsion for shipping applications, a technology that has been used for decades in submarines. Energy-intensive users, such as Microsoft and Google, have already started to realise that nuclear energy could be an excellent partner in their journey towards sustainability and energy security.

The urgency and the magnitude of the challenge we have in front of us are daunting. Not one energy source can achieve the incredibly ambitious goals set by the Paris Agreement. It is time to unite forces and work together. Governments, the finance community and the various energy and industrial sectors working together to optimise capabilities, workforces and supply chains have a much better chance to succeed in a win-win way. Let’s look at this challenge as an opportunity to deliver together for planet and people.