Global Leaders Gather to Support Nuclear Power

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Nuclear power is enjoying a surge in support as leaders and representatives from 32 countries at the world's first Nuclear Energy Summit in Belgium committed to using nuclear power to reach climate change targets and boost energy security.

Representatives from Germany, France, China, the U.S., Argentina, Turkey, Saudi Arabia and the U.K. committed to pushing forward the rapid development of more nuclear power and stated they will "work to fully unlock the potential of nuclear energy by taking measures such as enabling conditions to support and competitively finance the lifetime extension of existing nuclear reactors, the construction of new nuclear power plants and the early deployment of advanced reactors." A joint statement added: "We commit to support all countries, especially emerging nuclear ones, in their capacities and efforts to add nuclear energy to their energy mixes. We, the leaders of countries operating nuclear power plants, or expanding or embarking on or exploring the option of nuclear power...reaffirm our strong commitment to nuclear energy as a key component of our global strategy to reduce greenhouse gas emissions from both power and industrial sectors, ensure energy security, enhance energy resilience, and promote long-term sustainable development and clean energy transition."

Organized by the International Atomic Energy Agency (IAEA), Director General Rafael Grossi said: "We have to do everything possible to facilitate the contribution of nuclear energy. It is clear: Nuclear is there. It has an important role to play." In Europe, nuclear opinion remains divided ever since the nuclear accident at Fukushima in 2011. Financing is also a key issue. Nuclear projects are slow to build and very expensive with many of the region's leading projects in the U.K., Finland and France running tens of billions of dollars over-budget and years behind schedule.

President of the European Commission (EC) Ursula von der Leyen highlighted that although support for nuclear power was growing as part of the climate change/energy security solution, its future was not guaranteed: "The reality today, in most markets, is a reality of a slow but steady decline in market share. For the world as a whole, nuclear currently accounts for 9% of the global electricity mix. But in 1988 nuclear power reached an 18% share, that is double of today. The same story is visible within the European Union. Nuclear power is still the largest single source of electricity generation in the EU with a 22% share. But that share is substantially below the levels reached in the 1990s, when nuclear power generated one-third of Europe's electricity. What would it take for nuclear to make a substantial contribution to our climate-neutrality objective? I see a few key tasks ahead. The main one is to secure new investments. The IAEA analysis tells us that investments need to accelerate already this decade and reach new heights in the 2030s to meet the Paris Agreement target. That requires support from governments, to ensure that financing is available and that nuclear's contribution to electricity security is properly valued and remunerated."

John Podesta, the senior advisor to the U.S. President for clean energy, told reporters: "We're supporting the French initiative to encourage the World Bank and other development banks to eliminate the restriction on funding nuclear."

Pakistan, which has six operating nuclear power plants generating 3,530-megawatts (MW) of electricity, is also pushing for more nuclear power in its mix. Speaking at the event, Foreign Minister of Pakistan Mohammad Ishaq Da, said: "Energy security stands high on global priorities -- for both developing and developed world. We need clean and cost effective energy. With immense power density, negligible carbon footprints and no Greenhouse emissions, nuclear energy offers a viable solution for the future. We endorsed nuclear energy as one of the low-emission technologies in the recent COP-28. Small modular reactors (SMRs) hold the promise of bringing nuclear power to remote or underserved communities, providing access to clean and affordable energy where it is needed most."

The world's nuclear industry associations came out in support of the event and issued their own joint statement: "We applaud the convening of the first ever summit of heads of state on nuclear energy by the Prime Minister of Belgium and the Director General of the IAEA, and we welcome the commitment of the national leaders assembled to the development and deployment of nuclear energy to fight climate change, provide energy security, and drive sustainable economic development. We stand ready to work alongside governments to deliver the required nuclear capacity to meet the challenges ahead of us."

But, they also highlighted the need for more support, financially and politically, for the sector. They called for coherent long-term policies to support rollout, clarity for investors on supports, access to national and international climate funding and the relabelling of nuclear energy and the associated fuel cycle as "a sustainable investment". "A robust and durable policy framework provides the best possible blueprint for de-risking investments in nuclear energy, reducing costs and accelerating deployment. With this certainty, the nuclear industry can invest in the people, capability and infrastructure needed to execute the ambitious target set out by the governments present today."

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