COP28 climate summit backs nuclear power

The nuclear industry received strong support at the COP28 climate summit in Dubai. More than 20 countries pledged to triple installed nuclear power capacity.

Global installed nuclear capacity currently stands at 370 GW. Under the new targets, a further 740 GW should be added by 2050, and plans also call for stepping up efforts to extend the operating lives of existing nuclear power plants. However, current plans would see approximately 200 of the world’s 420 reactors decommissioned by 2050.

Nuclear energy representatives at COP28 backed all these commitments, but also acknowledged that the industry faces challenges. This ambitious plan cannot be achieved without considerable effort. Many regulations will need to be revised and funding gaps addressed. There are also difficulties securing fuel and public concerns about safety.

The United States, France, the United Kingdom, South Korea and the other countries that signed the declaration should address funding for future projects in the near future and seek appropriate support from institutions such as the World Bank.

“Some academics are concerned about whether this plan is feasible within the proposed timeframe. Judging by the performance of the international nuclear industry over the past two decades, it is impossible,” said Mycle Schneider, lead author of the World Nuclear Industry Status Report.

“Why would anyone spend a single dollar on a technology that, even if planned today, would not be available until 2035-2045?” said Mark Jacobson, an energy specialist at Stanford University.

The commitment was not without criticism from environmentalists, particularly over concerns about public safety.

Patrick Fragman, chief executive of Westinghouse, said nuclear power is the safest source of energy. He acknowledged, however, that early reactor designs encountered problems and projects exceeded their planned costs—issues the nuclear industry is aware of.

According to a report by the World Nuclear Association, 60 commercial reactors are currently under construction in 17 countries around the world. China accounts for the largest share, having steadily pursued its commitment to nuclear development for many years. It currently has 25 reactors under construction.

Meanwhile, nuclear energy development is stagnating in Western countries. This is primarily due to factors such as the high cost of building reactors, lengthy permitting processes and public opposition following the 2011 nuclear accident in Fukushima, Japan.

Small modular reactors

Small modular reactors (SMRs) are an alternative. At the conference, supporters highlighted their shorter construction times, which would allow them to enter operation sooner than traditional nuclear power plants, which take an average of 10 to 20 years to build.

Korea Hydro and Nuclear Power presented a simulator of its “iSMR” reactor and said it would be able to build a plant within two years of receiving a permit. Experts say the iSMR is one of around 80 designs under development around the world, but most are unlikely to begin operating before 2030.

One challenge for these reactors is the supply of advanced fuel, known as high-assay low-enriched uranium (HALEU), which will be crucial for new technologies. Russia is currently the only major producer of this fuel.

According to Fragman of Westinghouse, uranium supplies are fully under control. The challenge in Western countries lies in the enrichment process, which has been under development for a long time. The International Atomic Energy Agency (IAEA) also confirmed this, saying that the US company Centrus and the European Union are fully involved in the development and production of enriched uranium.