BUSINESS DEVELOPMENT | DEPLOYING REACTOR TECHNOLOGY
Net zero nuclear: Momentum to action
It is beginning to feel inevitable that many nations will include nuclear energy among their key tools to mitigate climate change, but to do so at a palatable cost means a laser-like focus on the right project
management strategy if positive sentiment is to be translated into positive action By George Borovas, Douglas Dua and Inna Pletukhina, Global Nuclear Practice, Hunton Andrews Kurth LLP
AS RECENTLY AS TWO YEARS ago, nuclear was akin to a persona non grata at the COP26 in Glasgow, UK. The efforts of Rafael Mariano Grossi, Director General of the International Atomic Energy Agency, to defend the benefits of nuclear energy saw him outline the role of nuclear in decarbonising hard-to-abate sectors and dispel a slew of misconceptions about nuclear energy. Grossi was joined then by Sama Bilbao y León, Director General of the World Nuclear Association, and chiefs of other international organizations in calling for the greater recognition of nuclear energy – and nuclear science and technology broadly – as a part of the solution to tackle climate change. Now though, at the recent COP28, somehow nuclear seems to have become the guest of honor.
Translating momentum into action The Net Zero Nuclear initiative, officially launched at COP28, unleashed unprecedented momentum with the goal of tripling global nuclear capacity by 2050. The parallel Net Zero Nuclear pledge mechanisms – Net Zero Nuclear Industry Pledge and Net Zero Declaration – both express commitment by the industry and national governments, respectively, to work toward increasing global nuclear
capacity by at least three times. While the commitment of the nuclear industry may be unsurprising, if not expected, the commitment of more than 20 countries is a significant step toward closing the gap between rhetoric and action. As the nuclear community gears up to meet such demand with sufficient human resources and financing, many reactor designers are expected to continue shifting their focus from initial design to implementation in a series of projects. The industry will likely face headwinds as this transition unfolds. However, given the challenges that competing clean energy technologies are likely to increasingly face as the energy transition unfolds, nuclear is in a strong position. Furthermore, given the selling points of these new reactor technologies – including increased safety, shorter construction time and eased operational burden – adoption of new reactor designs should be fostered.
Beyond a competitive design though, successful deployment of reactor technology – either conventional or based on advanced designs – requires the right project management strategy. Existing nuclear power projects have provided plenty of lessons with respect to the reasons behind cost-overruns and construction
Above: Existing nuclear power projects have provided plenty of lessons for project management strategies to build on Photo credit: EDF Energy
28 | January 2024 |
www.neimagazine.com
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