It’s time to reassess nuclear power’s place in the global energy mix. Here are three reasons why the world needs to embrace new nuclear technology.
Nuclear power has been viewed with caution by politicians and the public for many years, largely because of the Chernobyl accident forty years ago. But times – and safety standards – have changed. Today, the world is grappling with huge geopolitical and environmental challenges – and new nuclear technology could be the solution.
It’s time to reassess nuclear power’s place in the global energy mix. Here are three reasons why the world needs to embrace new nuclear technology.
1. Rising energy costs
The cost of energy is increasing. Global energy production is dependent on fossil fuels such as coal, oil, and natural gas, but these resources are being depleted at an alarming rate. In 2023, global oil production reached a record level of over 96 million barrels per day. As reserves dwindle, resources become more valuable and extraction becomes more difficult. Fossil fuels therefore become more expensive and less economically viable.
Nuclear energy relies on uranium, which is far more abundant and can be extracted at a relatively stable cost. In contrast to fossil fuels, only a small amount of uranium is required to generate lots of energy. By investing in new nuclear capacity, countries can reduce their reliance on depleting fossil fuel reserves and mitigate the economic impacts of rising extraction costs.
2. Climate change
Climate change is a second imperative for reducing and ultimately replacing fossil fuels with alternative, low-carbon energy sources. All the science indicates that carbon dioxide is a key cause of global warming. The Paris Agreement, adopted in 2015, aims to limit global warming to below 2°C above pre-industrial levels.
Mitigating climate change requires large-scale decarbonization of the global energy supply chain. Nuclear energy offers a reliable and low-carbon alternative to fossil fuels, helping to reduce greenhouse gas emissions and contributing to global efforts to combat climate change.
3. Energy security
Energy security is an increasing concern, particularly for countries that are heavily dependent on fossil fuel imports. Recent events, including the pandemic and Russia’s invasion of Ukraine, have highlighted that diversification of energy sources is essential to reduce vulnerability to supply disruptions and price volatility.
By incorporating nuclear power into their energy mix, countries can enhance their energy security and reduce their dependence on imported fossil fuels. Used alongside more intermittent sources like wind and solar, nuclear power enables countries to achieve greater energy independence and stability while ensuring a more secure and sustainable energy future.
Delivering new nuclear
Nuclear power has much to contribute as part of a clean, resilient, and safe energy supply. However, new capacity is unlikely to be achievable using large-scale nuclear power plants alone. New technological solutions, such as small modular reactors (SMRs) are required. SMRs offer a more flexible, cost-efficient, and potentially safer alternative to traditional large nuclear reactors. They typically produce up to 300 megawatts of electricity (roughly one-third of the output of conventional nuclear power reactors). Their smaller size allows for modular construction, which should reduce capital costs and construction times, and make new nuclear capacity easier and cheaper to deploy.
At COP28, many countries and companies pledged to triple nuclear capacity to combat climate change and energy security. Statistics from the World Nuclear Association indicate that new nuclear projects are being delivered, with 154 nuclear plants currently planned or in construction, and a further 344 being proposed.
Reinstating nuclear power as a key source of sustainable power involves a coordinated effort across R&D, regulatory approval, demonstration projects, commercial deployment, public engagement, and international collaboration. As a trusted lifecycle partner to the nuclear sector, Celeros FT is ready to support the nuclear renaissance.
