COMMENT | PRIVATE SECTOR ENGAGEMENT
Getting new nuclear off the ground
While buoyed by supportive signals from governments around the world towards new nuclear, it’s still clear that private investment alongside public funding is vital if we are to realise our nuclear energy ambitions
By Andrew Murdoch, UK Operations Managing Director, newcleo
IT’S BEEN SAID THAT WE’RE living in a ‘nuclear energy renaissance’ as governments around the world have opened their arms to new nuclear, recognising it as a vital contributor to future clean energy mixes. Certainly, in the markets in which we operate, we’ve been buoyed by supportive signals from governments towards new nuclear, particularly small and advanced modular reactors. Now that support for these next-generation reactors has been established, attention must turn to getting projects off the ground, and this is, in large part, a question of financing. Revamping energy systems to make way for cleaner technologies is not a small job, nor is it cheap. We are talking about increasing electricity generation to meet higher demand as we electrify transport and homes, as well as decarbonising carbon-intensive industries like cement and steel production. It is an enormous endeavour, but also an urgent one.
The UK has pledged to reach net zero by 2050, while the
EU has adopted a 55% net greenhouse gas reduction target by 2030 (compared to 1990 levels). Our energy systems will need to undergo a seismic change to reach these targets – and that necessitates significant investment into the energy and infrastructure sectors and their supply chains, and fast. But with seismic change comes significant opportunity – the ongoing energy transition is poised to support millions of jobs across Europe and indeed globally; new and fast- growing industries including nuclear will boost economies; and by investing in homegrown clean energy, countries will ensure security of energy supply, protecting them against any shocks to the global market. When it comes to new nuclear projects, both private
investment and public funding will be vital to increase the speed of delivery and the variety of projects being delivered. Small and advanced modular reactors are
Above: Both private investment and public funding will be vital to increase the speed of delivery and the variety of projects being delivered alongside projects such as Hinkley Point C
42 | June 2024 |
www.neimagazine.com
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