22 countries pledge to triple their nuclear capacity as they strive to reduce fossil fuels
The United States and 21 other countries pledged Saturday at the United Nations Climate Summit in Dubai to triple nuclear power capacity by 2050, saying the revival of nuclear energy is crucial to cutting CO2 emissions to near to return zero.
Advocates of nuclear power, which provides 18 percent of electricity in the United States, say it is a clean, safe and reliable complement to wind and solar energy. But a major obstacle is financing. Last month, a developer of small nuclear reactors in Idaho said yes canceling a project which was expected to be part of a new wave of power plants. The cost of building the reactors had risen from $5.3 billion to $9.3 billion due to rising interest rates and inflation.
Britain, Canada, France, Ghana, South Korea, Sweden and the United Arab Emirates were among the 22 countries to do so signed the statement capacity to triple compared to 2020 levels.
John Kerry, President Biden’s climate envoy, said there were “trillions of dollars” available that could be used for nuclear energy investments. “We are not saying to anyone that this will absolutely be the far-reaching alternative to any other energy source – no, that is not what brings us here,” he said. But, he added, science has shown that “you can’t get to net zero by 2050 without nuclear power.”
President Emmanuel Macron of France said nuclear energy, including small modular reactors, is an “indispensable solution” for efforts to curb climate change. France is Europe’s largest producer of nuclear energy.
Mr. Macron and other leaders, including Prime Minister Ulf Kristersson of Sweden, called on the World Bank and international financial institutions to help finance nuclear projects. Mr Kristersson said governments “must take on a role in sharing the financial risks to strengthen conditions and provide additional incentives for nuclear energy investments.”
While world leaders on Saturday called nuclear energy the most effective alternative to fossil fuels, some climate activists were skeptical.
Masayoshi Iyoda, a Japan-based activist from 350.org, an international climate action campaign, quoted the nuclear disaster in Fukushima in 2011, saying nuclear power was a dangerous distraction from decarbonization goals. “It is simply too expensive, too risky, too undemocratic and too time-consuming,” he said in a statement.
“We already have cheaper, safer, democratic and faster solutions to the climate crisis, and that is renewable energy and energy efficiency,” Mr Iyoda said.