One way forward would be to develop small modular reactors (SMRs). Stable regulatory frameworks throughout construction would also help avoid delays. There are some proven methods to reduce costs, including finalising designs before starting construction, sticking with the same design for subsequent units, and building multiple units at the same site. This means completing nuclear projects in advanced economies at around $5,000 per kW by 2030, compared with the reported capital costs of around $9,000 per kW (excluding financing costs) for first-of-a kind projects. The report highlighted that the sector faces rising costs, and that these must be cut in order for it to remain competitive with renewables. By contrast, renewables will account for 90% of power generation if the world meets net zero in that year.Įmerging and developing economies will account for more than 90% of global growth, with China set to become the leading nuclear power producer before 2030.Īdvanced economies collectively see a 10% increase in nuclear, as retirements are offset by new plants, mainly in the US, France, the United Kingdom and Canada.Īnnual global investment in nuclear power rises is forecast to rise from $30bn during the 2010s to over $100bn by 2030, and will remain above $80bn to 2050. Indeed, by 2050 developing economies will dominate new reactor construction, while nuclear’s share of total global generation will fall to 8%.
However, he warned that Russia and China are dominating the sector, with 27 out of 31 reactors that started construction since 2017 being Russian or Chinese designs."
It will depend on governments putting in place robust policies to ensure safe and sustainable operation of nuclear plants for years to come – and to mobilise the necessary investments including in new technologies.” However, a new era for nuclear power is by no means guaranteed. IEA Executive Director Fatih Birol said: "In today’s context of the global energy crisis, skyrocketing fossil fuel prices, energy security challenges and ambitious climate commitments, I believe nuclear power has a unique opportunity to stage a comeback. However, it warned that 63% of reactors are now more than 30 years old, and the sector now faces the soaring costs of closing or upgrading elderly technology alongside building new reactors. The report said that nuclear was the second largest source of low-emission power after hydropower, with 32 countries having nuclear power plants (NPPs). However, achieving net zero globally by 2050 will be extremely hard without continued investment in nuclear energy Nuclear is set to make a "comeback" and sees capacity doubling between 20, from 413 GW to 812 GW, the International Energy Agency (IEA) said in a recent report entitle Nuclear Power and Secure Energy Transitions.
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