Future of Nuclear Energy supporting Sustainable Energy
Nuclear power looks set to support the future of clean, sustainable energy systems globally. Its high efficiency and reliability position it well to complement intermittent renewable sources, contributing to a more stable and resilient energy grid. This holds promise in achieving energy goals and bolstering nations' energy security.
At the COP28 climate change conference in December 2023, over 20 nations pledged to triple nuclear power capacity by 2050. The declaration recognizes nuclear energy's role in keeping within reach the goal of limiting temperature rise to 1.5 °C. This commitment aligns with analysis from the International Energy Agency, which shows that decreasing nuclear power would make reaching net zero more difficult and costly. At the Nuclear Energy Summit 2024 in Brussels, more than 30 countries pledged to pursue nuclear energy as a means to meet global climate goals.
The United States is the largest producer of nuclear power. However, France stands out for its commitment to and dependence on nuclear energy, boasting the highest share of electricity generated by nuclear power. In 2022, over 60% of France's electricity was generated from nuclear reactors. This commitment aligns with France's goals of decarbonizing its electricity sector, ensuring a stable and reliable energy supply, and reducing dependence on imported energy sources.
While some countries are focused on phasing out nuclear power, global nuclear generation is projected to surpass its previous record by 2025, with a growth rate of close to 3% per year through 2026. This growth is fueled by the completion of maintenance in France, the restart of nuclear production in Japan, and the commissioning of new reactors in various markets such as China, India, Korea, and Europe.
Asia emerges as the primary driver of nuclear power growth, with its global share expected to reach 30% by 2026, surpassing North America. Currently, 60 nuclear power reactors are under construction, with 26 located in China. China, in particular, has experienced robust growth, adding approximately 37 gigawatts of capacity over the past decade. Its share of global nuclear generation surged from 5% in 2014 to over 15% in 2023.
In the longer-term outlook, reportedly, 30 countries are exploring the viability of starting nuclear energy programs. Whether to reduce fossil fuel consumption, sustainably meet increasing electricity demands, or support national development, nuclear energy is being considered as a potential option.