Nuclear Energy Summit

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Context

• Brussels hosted the first-ever Nuclear Energy Summit.
• It was co-chaired by the Prime Minister of Belgium and the Director General of the International Atomic Energy Agency (IAEA)

Background:

• COP28 in Dubai (UAE) highlighted nuclear energy's crucial role in meeting climate goals.
• 22 world leaders signed a declaration, aiming to triple nuclear energy capacity by 2050.

Nuclear Energy Summit

• The Nuclear Energy Summit, an initiative in collaboration with the IAEA’s ‘Atoms4Netzero’ programme, is part of the multilateral approach to decarbonisation.
• World leaders gathered to emphasize nuclear energy's role in combating climate change.

Advantages of Nuclear Energy:

• Nuclear power emits significantly less carbon compared to renewables like solar, wind, and hydropower.
• Provides uninterrupted energy regardless of geographical limitations.
• Offers low operating costs, smaller land footprint, and longer life cycle compared to other renewables.

Advantages of Nuclear Energy:

Nuclear power offers several advantages in the context of combating climate change:

• Nuclear power emits significantly less carbon than solar, wind, hydropower, and geothermal sources—four times less, in fact.
• Its unique ability to provide uninterrupted energy regardless of location makes it essential for a diverse renewable energy mix.
• Nuclear power plants boast lower operating costs, require less land, and have longer lifecycles compared to other renewables, enhancing their sustainability.

Financing Nuclear Energy:

• Despite recent technological advancements, such as Small Modular Reactors (SMRs) and improved safety measures, securing financing for nuclear projects remains a challenge.
• Multilateral Development Banks (MDBs) and private investors have been hesitant to invest in the nuclear industry, necessitating a reevaluation of financing policies.
• Successful funding models in countries like France, South Korea, Russia, and the U.K. demonstrate the potential for cooperative financing approaches to support nuclear projects.

Global Nuclear Landscape:

• There are currently 440 nuclear reactors worldwide, accounting for a quarter of low-carbon energy.
• 60 reactors are under construction, with 110 in the planning stage, particularly in Asia.
• China aims to increase nuclear energy's share to 10% by 2035 and 18% by 2060.

India's Nuclear Outlook:

• India’s first commercial Nuclear Power Plant in Pahalgarh, Tarapur offers reliable energy at 2/kWh lower than solar power tariffs.
• Despite its versatile nature, nuclear power contributes only 1.6% of the total renewable energy mix in India.
• India's nuclear plants offer reliable energy at competitive prices compared to coal and solar.
• Challenges include stigma, regulation, and project overruns, limiting adoption.
• Recent liberalization efforts, including private investments and capacity expansion plans, signal a positive future for India's nuclear industry.
• $26 billion in private investments, the aim of a phase-wise tripling of nuclear capacity from 7,480 MW to 22,480 MW by 2031-2032 all mark a positive future for the industry.
• The Prototype Fast Breeder Reactor (PFBR) represents a significant advancement in India's nuclear capabilities.

Conclusion:

• The Nuclear Energy Summit underscores the importance of nuclear energy in achieving climate goals.
• Financial innovation and global cooperation are crucial for realizing the full potential of nuclear power in the energy mix.

PRACTICE QUESTION Q. Assess India's nuclear energy progress, challenges, and future. Explore technology, regulations, and global ties' impact. Discuss nuclear energy's benefits for India's security and climate goals, addressing safety and proliferation.