Page 40 - bne Magazine August 2022

40 I Special Report bne August 2022
Doel nuclear power plant in Belgium / ENGIE
The need for nuclear in the energy transition
Richard Lockhart in Edinburgh
Nuclear is set to make a "comeback" and sees capacity doubling between 2020 and 2050, from 413 GW to 812 GW, the International Energy Agency (IEA) said in a recent report entitle Nuclear Power and Secure Energy Transitions.
However, achieving net zero globally by 2050 will be extremely hard without continued investment in nuclear energy
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, 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.
IEA Executive Director Fatih Birol said: "In today’s context of the global energy
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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, a new era for nuclear power is by no means guaranteed. It will depend on governments putting in place robust policies to ensure safe and sustainable operation of nuclear
sector, with 27 out of 31 reactors that started construction since 2017 being Russian or Chinese designs."
Indeed, by 2050 developing economies will dominate new reactor construction, while nuclear’s share of total global generation will fall to 8%. By contrast, renewables will account
“The report said that nuclear was the second largest source of low-emission power after hydropower, with 32 countries having nuclear power plants (NPPs)”
plants for years to come – and to mobilise the necessary investments including in new technologies.”
However, he warned that Russia and China are dominating the
for 90% of power generation if the world meets net zero in that year.
Emerging and developing economies will account for more than 90% of global growth, with China set to become the