① The US and several EU countries signed a statement promising to triple the installed capacity of nuclear power in 2050 to 2020; ② the countries that signed the statement also stated that they will promote the World Bank and other international financial institutions to issue energy loans for nuclear energy; ③ In the current nuclear energy construction, Asia takes the lead.
Financial News Agency, December 4 (Editor Malan) The current UN climate summit, COP 28, is having intense discussions on energy. In addition to fossil fuels and renewable energy, another highly controversial energy source, nuclear energy, has also become the focus of attention from many countries.
According to the official COP28 website, 22 countries, including the United States, the United Kingdom, Canada, France, South Korea, and the United Arab Emirates, signed a statement on increasing nuclear power production capacity, promising to triple nuclear power generation capacity by 2050 compared to 2020 levels. It also pointed out that the revival of nuclear power is critical to the emission reduction process over the next few decades.
The statement of the 22-nation nuclear energy agreement states that signatory countries promise to support the development and construction of nuclear reactors, such as small modular reactors for power generation and other advanced reactors.
The statement also emphasized that signatory countries will encourage the World Bank and other international or regional development banks to include nuclear energy in energy loan policies.
Factors limiting the development of nuclear energy
According to data from the International Atomic Energy Agency, in 2020, the total installed capacity of nuclear power in the world was 375 GW. According to the forecast of Standard & Poor's global commodities division, the total installed capacity of nuclear power will reach 631 gigawatts in 2050; among them, the total capacity of China and the US will account for more than half of the world's nuclear power installed capacity.
The agency added that compared with Europe, Asia's nuclear power generation increased by 37 terawatt-hours last year. However, in the past ten years, the amount of nuclear power generation in Asia has more than doubled, surpassing that of Western Europe and Central Europe. Furthermore, three-quarters of the world's reactors under construction are located in Asia.
The International Energy Agency pointed out that of the 31 reactors that began construction in 2017, all but 4 were designed by China and Russia, which also makes China expected to become a leading producer of nuclear power in 2030.
But there are also those who disagree with the 22 countries' nuclear energy commitments. David Tong, a researcher at the International Organization for Petroleum Transformation, said that this commitment is out of touch with the reality of nuclear power — which is expensive and slow to build.
On the other hand, funding sources are also a major impediment to the development of nuclear energy. Its supporters say that nuclear power is facing serious underfunding. However, US climate envoy John Kerry pointed out that there are trillions of dollars in the global market that can be used to invest in nuclear energy.
French President Emmanuel Macron, Swedish Prime Minister Christson and others also called on the World Bank and international financial institutions to finance the peace project. Christson also pointed out that governments must play a role in sharing financial risk to improve conditions and increase additional incentives for investing in nuclear energy.