COMMENTARY | A FUTURE TO BUILD A future to build Over the past 70 years, nuclear energy has moved from a bold scientific
promise to a foundational element of the global electricity system. For the nuclear sector, the NEA and most of its member countries, the last few years have been unlike any period that has come before.
By William D. Magwood, IV, Director-General, OECD Nuclear Energy Agency
kind commercial deployment, expanding the range of possible applications and users of nuclear energy.
Eisenhower delivers his ‘Atoms for peace’ speech but nothing in the past compares to the pace, breadth and diversity of innovation seen today. Source: ANS
APRIL 2026 MARKS THE 70TH anniversary of Nuclear Engineering International, a publication that has chronicled nearly the entire history of civil nuclear energy. In two years, the OECD Nuclear Energy Agency (NEA) will mark its own 70 years of work – milestones that invite reflection on how far the nuclear sector has come and how much more lies ahead. Over the past 70 years, nuclear energy has moved
from a bold scientific promise to a foundational element of the global electricity system. It has delivered reliable, low carbon power at scale, supported industrial development, and ensured energy security in many parts of the world. Yet the most recent chapter in this history stands apart. For the nuclear sector, the NEA and most of its member countries, the last few years have been unlike any period that has come before. It has become common to compare today’s moment with the Atoms for Peace era of the mid 20th century. But in truth, nothing in the past compares to the pace, breadth and diversity of innovation we are witnessing today. Driven by climate imperatives, energy security concerns and rapidly rising electricity demand, more than 30 countries have now committed to the Declaration to Triple Nuclear Energy by 2050. Governments, industries and investors are breaking down long standing barriers, and new technologies are moving from concept to reality. This momentum is real, and it is global. When I
became Director General of the NEA in 2014, only a handful of our member countries were planning new nuclear power plants. Today, a clear majority are taking substantive steps with their nuclear new build programmes. At the same time, small modular reactor (SMR) projects are advancing towards first of a
26 | April 2026 |
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Important steps have been taken but the real work lies ahead. Every year, the NEA brings together many of the countries with plans to introduce or expand nuclear energy capacity to its annual Roadmaps to New Nuclear conference to pave the way for new nuclear construction. These meetings have highlighted some of the most significant challenges those countries face today. One of them is financing and it will determine whether today’s ambitions can be translated into operational plants. While in OECD countries the central challenge is not access to capital, but managing risk at scale, in many other regions access to finance itself remains a fundamental obstacle. Encouragingly, signals from institutions such as the World Bank, the European Bank for Reconstruction and Development and regional development banks over the past years suggest a growing willingness to engage, and sustained international co-operation will be essential. The global nuclear supply chain also requires urgent
attention. It no longer has the depth and resilience that characterised it during the build out of the 1970s and 1980s. Significant new investment will be needed to rebuild manufacturing capacity, infrastructure and specialised services. Equally critical is human capacity. Developing and retaining the skilled workforce required for long term nuclear programmes demands action well before the first concrete is poured. As today’s 15–16-year- olds will be involved in operating new nuclear power plants in a decade, now is the time to invest in them. Looking ahead, it is essential that the Global South is not left behind as nuclear energy gains momentum. Unlike the past, when nuclear power was largely the preserve of wealthy countries, new technologies offer the prospect of a more accessible nuclear landscape. SMRs, advanced reactors and microreactors have the potential to be deployed in countries and regions that are new to nuclear energy, supporting economic development, energy security and climate resilience. We also see interest in nuclear energy from new
sectors that are seeking reliable and cost-effective electricity to power data centres, artificial intelligence and cloud services. Nuclear energy is uniquely positioned to help meet that demand. The opportunity before us is immense, and so is the
responsibility. The decisions we make today will shape not only energy systems, but economic opportunity and social stability for decades to come. ■
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