UK And Allies Back Major Nuclear Expansion

The USA, UK, France, Canada, Japan, South Korea, and 16 other countries, including Ukraine and the UAE as the Presidency of COP28 today endorsed a goal to triple nuclear power capacity by 2050 as part of global efforts to fight climate change. The declaration marks the first time that Governments have joined together at the UN’s leading climate conference to endorse nuclear power.

The declaration also calls on shareholders of the World Bank and other multilateral and regional financial institutions to include nuclear energy in their lending policies.

The signatory countries represent nearly one-third of the world economy by Purchasing Power Parity. Overall, countries accounting for more than 75% of world’s economy now have new nuclear plans, according to Nuclear Industry Association analysis of data from the World Nuclear Association and IAEA.

Of the world’s 10 largest economies, only Germany does not plan new reactors. Germany also burns more coal than any other country in Europe.

Welcoming the release, Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

“This declaration marks a new international consensus that we have to build out nuclear power at scale and at pace to hit net zero. Securing equal access to climate finance for nuclear power in particular will be vital to secure competitive rates for new projects and fully realise the potential of nuclear energy.

“I am delighted that the UK is at the forefront of this effort, and I look forward to seeing the UK’s plan to triple capacity in the Roadmap early next year.”

 

ENDS

 Notes to Editors

  1. The full list of endorsing countries is as follows: United States, Bulgaria, Canada, Czech Republic, Finland, France, Ghana, Hungary, Japan, Republic of Korea, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Slovakia, Slovenia, Sweden, Ukraine, United Arab Emirates and United Kingdom.
  2. The full text of the declaration is available here: https://www.energy.gov/articles/cop28-countries-launch-declaration-triple-nuclear-energy-capacity-2050-recognizing-key.
  3. The size of countries’ economies as a share of world GDP is available from the International Monetary Fund here: https://www.imf.org/external/datamapper/PPPSH@WEO/OEMDC/ADVEC/WEOWORLD.
  4. Information on the countries that are building, planning, or proposing to build new nuclear reactors is available from the World Nuclear Association here: https://world-nuclear.org/information-library/facts-and-figures/world-nuclear-power-reactors-and-uranium-requireme.aspx.
  5. According to the United Nations Economic Commission for Europe, Carbon Neutrality in the UNECE Region: Integrated Life-cycle Assessment of Electricity Sources, nuclear power has the lowest lifecycle carbon footprint, lowest lifecycle land use, and lowest lifecycle impact on ecosystems of any electricity generating source.
  6. According to the International Energy Agency, nuclear uses fewer critical minerals than other clean energy sources.

About the NIA

The NIA is the trade body of the UK civil nuclear industry, representing more than 270 companies operating across the sector.

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