Nuclear energy is poised for a global comeback, according to a study by the International Energy Agency (IEA), due to the rising demand for electricity. Interest in nuclear energy is at its highest since the oil crisis of the 1970s. More than 40 countries are aiming to expand their nuclear energy capabilities, as reported by the IEA in Paris.
The increase in electricity demand is not only occurring in traditional sectors like industry but also in new areas such as the operation of electric cars, data centers, and the use of artificial intelligence. The global fleet of nearly 420 reactors is expected to reach a new peak in electricity generation by 2025, according to the IEA.
Even though some countries are phasing out nuclear energy or shutting down their plants early, global electricity generation from nuclear power plants is on the rise. Japan is resuming production, maintenance work on nuclear power plants in France is complete, and new reactors are coming online in countries such as China, India, Korea, and parts of Europe. Nuclear energy accounts for nearly ten percent of worldwide electricity generation and is the second-largest source of low-emission electricity after hydropower.
The expansion of nuclear power, however, heavily relies on Chinese and Russian technology and resources like uranium, which poses the risk of future dependencies, the IEA noted. China is making significant progress, while traditional nuclear power countries like the USA and France are facing delays and cost increases in modernizing their nuclear power plants.
Although nuclear power traditionally relies on state funding, private investors are also necessary for a rapid expansion of nuclear energy, the IEA explained. A swift expansion means that investments in nuclear power worldwide would need to double to around 117 billion euros by 2030.
The renewed interest in nuclear energy stems from the need to meet growing electricity demands while also reducing carbon emissions. As countries strive to transition to cleaner energy sources, nuclear power offers a reliable alternative that can produce large amounts of electricity without emitting greenhouse gases. This makes it an attractive option for nations looking to balance energy needs with environmental concerns.
Despite the challenges, such as high costs and public skepticism, nuclear energy remains a crucial component of the global energy strategy. Its ability to provide a steady and reliable power supply makes it a key player in the efforts to combat climate change and reduce reliance on fossil fuels.
The IEA’s report highlights the importance of international cooperation and investment in nuclear technology to ensure its safe and efficient use. This includes sharing best practices, developing new technologies, and addressing safety concerns to build public trust in nuclear energy.
As the world continues to grapple with the effects of climate change, the role of nuclear energy in the global energy mix is likely to grow. With advances in technology and increased investment, nuclear power has the potential to play a significant role in achieving a sustainable and low-carbon future.
In conclusion, the resurgence of nuclear energy is driven by the need for cleaner and more reliable energy sources. While challenges remain, the potential benefits of nuclear power make it an essential part of the global energy landscape. As countries work together to overcome obstacles, nuclear energy could become a cornerstone of efforts to create a more sustainable and environmentally friendly world.