Does the World risks losing significant amount of clean power without new nuclear investment?

The retirement of nuclear plants will represent “the single greatest loss of clean power in world history” without new investment, the global nuclear industry has warned in a letter to policymakers published today in advance of the IEA’s roadmap to net zero, expected next week.

The Canadian Nuclear Association, FORATOM, the Japan Atomic Industrial Forum, the Nuclear Energy Institute, the Nuclear Industry Association and the World Nuclear Association called on countries to accelerate nuclear investment immediately to avoid backsliding on decarbonisation.

The letter calls for, Clear recognition of nuclear as a low-carbon, clean and sustainable technology,Equal access to climate finance for nuclear alongside other low-carbon energy sources,New nuclear plants to replace retiring fleets and maintain existing generation levels and an Expansion of civil nuclear energy across the world to reach net zero, and inclusion of nuclear in individual countries’ emissions reduction plans

Without new projects, more than 100 GW of nuclear capacity will retire globally within 20 years. The United Kingdom, as an early pioneer of civil nuclear energy, will lose its existing capacity sooner than any other developed nation. Half of the current fleet will retire by March 2024, with the first station ceasing generation in eight months. All but one of the UK’s current stations will retire by 2030.

Tom Greatrex, Chief Executive of the Nuclear Industry Association, said: “Nuclear is absolutely vital if we are to hit net zero as a planet. Nuclear delivers reliable clean power, new opportunities for industrial decarbonisation and good, well-paying jobs for a green economy. The retirements of existing stations right across the world mean we need to act today, or we will lose jobs and see higher emissions. We are calling on policymakers to make the right choices.”