Nuclear Power Countries Invest Heavily in Energy
As the world shifts towards nuclear energy, the collaboration between the World Bank and the Nuclear Energy Agency is expected to play a crucial role in supporting countries' efforts to finance nuclear energy projects, with a focus on Small Modular Reactors and existing nuclear power plants, ultimately contributing to energy security and economic growth in nuclear power countries.
The global nuclear revival is underway, with over 30 countries pledging to triple nuclear capacity by 2050, as demand for clean and reliable power continues to grow, positioning nuclear power countries at the forefront of this shift.
The UK has pledged $19 billion for the Sizewell C nuclear plant, marking a significant investment in nuclear energy. The World Bank has also lifted its ban on nuclear funding in developing nations, a move that is expected to support efforts to extend the life of existing reactors and help support grid upgrades and related infrastructure. This policy shift is driven by the need for clean, reliable power, with nuclear gaining support as the only scalable, emission-free baseload option.
A German fusion startup, Proxima, has raised a record amount of money to bring fusion technology to market, further highlighting the growing interest in nuclear energy. The World Bank expects electricity demand in developing countries to increase twofold over the next decade, making nuclear a viable option to meet this demand. The Nuclear Energy Agency (NEA) Director-General William D. Magwood, IV, has welcomed the World Bank's decision to resume funding nuclear energy projects, citing the potential for nuclear energy to contribute to energy security and economic growth.
The World Bank has highlighted Small Modular Reactors (SMRs) and the operation of existing nuclear power plants as areas of interest. An NEA delegation met with World Bank staff to discuss the current state of nuclear energy and common issues facing countries seeking to build new nuclear capacity. The collaboration aims to support countries' efforts to finance nuclear energy projects, with the World Bank set to collaborate with the International Atomic Energy Agency to enhance advisory services on nuclear non-proliferation, safety, and regulatory frameworks.
While the decision to lift the ban on nuclear funding has been welcomed by some, climate activists have expressed concerns that increased funding for nuclear and natural gas projects could detract from the urgent need for developing countries to adapt to climate change. As the global nuclear revival gains momentum, nuclear power countries will be closely watched to see how they balance the need for clean energy with the challenges of implementing nuclear energy projects.