Nuclear Energy Summit Identifies Key Challenges for Nuclear Energy
On 21 March, the Nuclear Energy Summit was held in Brussels, bringing together 36 countries that are already using nuclear energy or are planning to start investing in its development. During the Summit, world leaders stressed the role of nuclear energy in addressing global challenges to reduce the use of fossil fuels, strengthen energy security and promote economic development.
The President of the European Commission Ursula von der Leyen noted that the share of nuclear power currently accounts for 9% of the world’s electricity balance and has dropped by half since 1988 (18%). That is why the nuclear energy industry faces such challenges as attracting investment, expanding opportunities to support the clean transition, extending the lifetime of operating NPPs and introducing innovations.
So, the first challenge is to attract new investment, which requires governments to ensure that nuclear financing is available.
The second challenge is discipline on the part of the nuclear power industry, as its future depends on the industry’s ability to deliver on time and within budget. Too often, the implementation of nuclear power plant projects has resulted in significant additional costs and cost overruns.
The third challenge is to find new opportunities to support the clean transition, such as providing decarbonized heat or low-emission hydrogen.
The fourth challenge is to extend the lifetime of existing nuclear power plants while ensuring their safe operation, as this is one of the cheapest ways to provide clean energy at scale.
The last challenge is to introduce innovations, especially nuclear technologies such as small modular reactors (SMRs). There is an ongoing competition between leading countries and companies to bring this technology to market. More than 80 SMR designs are advancing globally, and several Member States have expressed high interest in implementing this technology.
For her part, Canadian Ambassador for Climate Change Catherine Stewart noted that Canada plays its part in supporting global energy safety, including by exporting clean and reliable Canadian technologies and resources, from low-carbon construction materials to clean hydrogen, uranium and other resources. In an effort to overcome energy dependence on russia, Canada is actively working with a number of partners in Europe and around the world, including by providing Canadian technology solutions, including CANDU reactors, fuel supply agreements, and export financing, which collectively support the phase-out of coal and the production of clean, reliable and affordable energy.
The Prime Minister of Slovenia, Robert Golob, noted that attention should be paid to five areas. Nuclear safety should be put first. The second area is to involve the public in supporting nuclear energy. Currently, more than 65% of the Slovenian population is in favour of it.
The next area, according to Mr. Holob, is the cost of financing nuclear facilities, ensuring access of new facilities to multilateral banks and financial institutions at the lowest interest rates. The fourth area is supply chains, which need to be strengthened due to crises and wars around the world.
And the last challenge for all countries is to ensure and invest in a skilled manpower. According to Mr. Holob, most nuclear facilities in the world are more than 40 years old, which means that the most experienced workers are mostly retired.
The Czech Prime Minister Petr Fiala commenced his speech with the thesis that it is important to overcome dependence on russia’s fossil and nuclear fuels, as the entire world has been facing russia’s aggression against Ukraine and energy blackmail of many other countries for more than two years. That is why it is necessary to cooperate to ensure energy security and achieve energy independence, as nuclear energy is a cost-effective way to decarburization, which guarantees the energy system stability and supply security. At the same time, the Czech Republic has advanced in the construction of a new power unit in Dukovany and is preparing to make a decision on the construction of additional units in the near future. In addition, the Czech Republic plans to extend operation of the current 6 reactors for the next 60 years and to promote introduction of small modular reactors in the country. Thus, Petr Fiala stated that the Czech Republic is convinced of its independence from russian fuel.
The summit also adopted a Declaration on Nuclear Energy, under which more than 30 Summit participants committed their countries to “fully unlock” the nuclear energy potential. The signatories, jointly with the IAEA Director General, recognized that nuclear energy should become a key component of a global strategy aimed at reducing greenhouse gas emissions in both the energy and industrial sectors, ensuring energy safety and enhancing energy resilience.
The Declaration also covers the financial aspects of nuclear power, including public and private investment and greater support from global financial institutions to create equal financial conditions for all sources of zero-emission energy generation. In addition, the Declaration notes the importance of education and training for the nuclear energy workforce, including retraining.
Uatom.org website Editorial Board