COP28: 22 nations pledge to triple nuclear generation capacity by 2050

Key Points:

• Tripling nuclear capacity by 2050 is critical to meet net zero.
• US, Canada, France, Japan, Sweden, UAE among signatories.
• 412 reactors in 31 countries provide 10% global electricity.

As many as 22 countries signed the declaration to triple global nuclear energy capacity by 2050 during COP28, the 28th Conference of the Parties to the UN Framework Convention on Climate Change.

The climate summit was hosted by the government of the United Arab Emirates (UAE), which is completing construction on a massive four-unit nuclear power plant to decarbonize electricity production.

The nuclear energy declaration “recognizes the key role of nuclear energy in achieving global net-zero greenhouse gas emissions by 2050 and keeping the 1.5-degree goal within reach.”

The core elements of the declaration include working together to advance a goal of tripling nuclear energy capacity globally by 2050 and inviting shareholders of international financial institutions to encourage the inclusion of nuclear energy in energy lending policies.

S&P Global Commodity Insights forecasts global nuclear capacity will grow by 58% by 2050, with the total installed nuclear capacity rising to 631 GW in 2050, from 375 GW in 2020. China and the United States will represent over 50% of the global total.

Which countries signed the declaration?

The countries that signed the declaration include the United States, Bulgaria, Canada, Czech Republic, Finland, France, Ghana, Hungary, Japan, Republic of Korea, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Slovakia, Slovenia, Sweden, Ukraine, UAE and UK.

French President Emmanuel Macron and U.S. Special Presidential Envoy for Climate John Kerry announced the declaration at the COP28 climate summit.

Declaration to Triple Nuclear Energy

The full text of the documents shared by the U.S. Department of Energy said that the 22 signatories:

• Acknowledged the crucial role of nuclear energy in achieving global net-zero greenhouse gas emissions and maintaining a 1.5°C temperature rise limit by mid-century.
• Recognized the applications of nuclear science and technology in monitoring climate change and emphasized the role of the International Atomic Energy Agency (IAEA).
• Acknowledge nuclear energy as the second-largest source of clean dispatchable baseload power, enhancing energy security.
• Acknowledged the need to triple global installed nuclear energy capacity by 2050 for achieving net-zero emissions.
• Recognize the potential of new nuclear technologies to support decarbonization beyond the power sector including industries.
• Emphasize the IAEA’s support in integrating nuclear power into national energy planning with a focus on safety, security, and sustainability.
• Recognize the importance of financing for additional nuclear power capacity and call for high-level political engagement to spur action on nuclear power.

The participants pledged to

• Global aspirational goal of tripling nuclear energy capacity from 2020 to 2050.
• Agreed to domestic actions ensuring responsible operation of nuclear power plants and responsible management of fuel waste.
• Commit to mobilizing investments in nuclear power, including through innovative financing mechanisms.
• Invite financial institutions such as World Bank to include nuclear energy in their lending policies and support nuclear power projects when mandated.
• Commit to supporting the development and construction of nuclear reactors for power generation and industrial applications.
• Recognize the importance of resilient supply chains for safe and secure nuclear technologies.
• Acknowledge the importance of extending the lifetimes of nuclear power plants in line with high safety and sustainability standards.
• Commit to supporting responsible nations exploring new civil nuclear deployment under stringent safety and security standards.
• Encourage commitments from the private sector, NGOs, development banks, and financial institutions.
• Resolve to review progress on these commitments annually on the margins of the COP and call on other countries to join this declaration.

Nuclear Energy Agency and IAEA hail the commitment

Nuclear Energy Agency Director-General William D. Magwood, IV welcomed the joint declaration. “Nuclear Energy Agency analysis shows that tripling nuclear energy capacity by 2050 provides the world with a realistic and practical path to meet net zero carbon emissions goals. We have the research to tell us what needs to be done, and now is the time for action,” he said.

What is net zero? Net zero simply means cutting greenhouse gas emissions to as close to zero as possible, with any remaining emissions re-absorbed from the atmosphere, by oceans and forests etc.

IAEA Director General Rafael Mariano Grossi also hailed he development. At COP28, Grossi, Belgian Prime Minister Alexander De Croo, and French President Emmanuel Macron announced the world’s first Nuclear Energy Summit, to be held in Brussels in March 2024 to maintain the global momentum behind nuclear energy.

Is Nuclear Energy renewable?

While nuclear fuels, like uranium, are not classified as renewable due to their finite nature, nuclear power stations demonstrate efficiency by requiring a small amount of fuel to generate a significant amount of electricity compared to coal or gas power stations (1 kg of uranium equals 2.7 million kg of coal). This is why nuclear energy is regarded as a reliable source for decades into the future.

Nuclear energy is widely used globally for electricity generation, as nuclear power plants neither pollute the air nor emit greenhouse gases.

As of December 2023, there are 412 nuclear power reactors in 31 countries, contributing over 370 gigawatts of installed capacity. They supply nearly 10% of the world’s total electricity and a quarter of its low-carbon energy, according to IAEA. At least 13 new countries are expected to start electricity production through nuclear power sources in the coming years.