In a recently released report, the director general of the International Atomic Energy Agency, Rafael Mariano Grossi, made a case for the deployment of nuclear energy to allow for coal to be phased out. The agency plans to argue nuclear’s case during the UN Climate Change Conference, which will take place next month.
In the report’s introduction, Grossi stated that nuclear had to have a seat at the table at any given time when climate and energy policies were being discussed. Grossi noted that an unwillingness to embrace the use of nuclear energy could cause virtually no growth in capacity by the year 2050, which would make it even harder to do what was necessary to avoid a climate catastrophe.
The role that nuclear will play in the future is recognized by the International Energy Agency, the United Nations Economic Commission for Europe and the Intergovernmental Panel on Climate Change, having already been accepted at the global level.
The International Atomic Energy Agency (“IAEA”) stated that it expects nuclear projects to double in size by the year 2050. However for this to happen, roughly 500GWe of new build and lifetime extensions of plants that are currently in operation is needed. This observation is similar to the International Energy Agency’s Net Zero by 2050 Roadmap, which would have nuclear add almost 30GW of new capacity annually in the 2030s. This is five times its current growth rate.
The IAEA report makes a case for the policy and investment that would allow nuclear to contribute to global clean energy. The report highlights nuclear energy’s contribution while also discussing how nuclear energy can be used to replace fossil fuels for heating and power generation. One entire chapter is dedicated to the ability of nuclear energy to support achievements by renewable energies, including solar and wind.
In addition to this, the report encourages private and public investments into nuclear energy. In the report, the IAEA urges policymakers to increase public investments in nuclear power and support private investments in nuclear, by offering recovery packages and lifetime extensions.
Grossi noted that with regard to the European Union’s Taxonomy, which has yet to clarify whether nuclear will be included, nuclear possessed environmentally neutral characteristics. He revealed that he hoped that the decision made with regard to this would be based on sound scientific analysis.
The report is supported by national statements from the United States, the United Kingdom, Russia, Poland, Japan, France, Finland, China and Canada.
As the world outgrows its biases towards nuclear energy resulting from several accidents that occurred at reactor sites in the past, companies such as Energy Fuels Inc. (NYSE America: UUUU) (TSX: EFR) will see heightened demand for the uranium they extract.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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