Cop: 22 countries pledge to triple nuclear capacity
The US and 21 other countries have committed to work towards tripling global nuclear energy capacity by 2050, from 2020 levels, acknowledging the "key role" it could play in reaching global net-zero greenhouse gas emissions by the middle of the century.
The declaration, which was signed at the Cop 28 UN climate conference in Dubai on Saturday, recognises "the key role of nuclear energy... in keeping a 1.5°C limit on temperature rise within reach," the US department of energy said.
The Paris Agreement sets a goal of limiting global warming to "well below 2°C" above pre-industrial averages, and preferably to 1.5°C.
Among the countries that endorsed the pledge were Canada, France, Hungary, Japan, Korea, the Netherlands, Sweden, the UAE and UK.
The declaration recognised studies from the UN's Intergovernmental Panel on Climate Change (IPCC) showing tripling global installed electrical capacity by 2050 in its 1.5°C scenario, and from the IEA that shows nuclear power capacity more than doubling in its global net-zero by 2050 scenarios.
Nuclear energy "is already the second-largest source of clean dispatchable baseload power, with benefits for energy security," the US said, but stressed that financing and high-level political engagement would be needed to deliver on these ambitions.
The parties committed to a host of undertakings, including mobilising investments in nuclear power through engagement with the World Bank and other international financial institutions, and providing support to the development and construction of nuclear reactors, such as small modular and other advanced reactors for power generation as well as wider industrial applications for decarbonisation.
The pledge comes amid something of a renaissance for nuclear energy as the global focus increasingly turns towards energy security as well as the transition.
Nuclear power plants will have a "very important role" in the future of Europe's power generation mix, even as countries look to increase their installed capacity of renewable plants sharply in the coming years," Richard Payne, head of commodity and energy trading at consulting firm Afry said recently. But nuclear plants projects are costly and can be prone to delays, which has dimmed prospects for the sector in recent years.
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