For decades, nuclear energy has been relegated to the sidelines of the global debate on climate change and clean energy. Now, as countries face the urgency of reducing greenhouse gas emissions and securing reliable energy sources, this energy underdog is getting the attention it has long deserved.

Rising energy security concerns, political will, technological advancements, and increasing public demand for bold climate action have shifted the narrative on nuclear power. As many countries come to grips with the reality that a full transition to renewable energy may take decades and be costly, nuclear energy is being recognised as an essential part of the global energy mix.

Next week, at the World Economic Forum (WEF) in Davos, nuclear energy will take centre stage at the forum’s Annual Meeting. One of the highlights will be the session The Road to Tripling Nuclear Capacity, focusing on how nuclear energy can play a pivotal role in addressing the world’s growing energy needs. The WEF, long dominated by discussions on renewable energy, has become an important platform for governments and businesses to explore nuclear’s potential as a key solution in combating climate change.

This prominence in Davos is not an isolated moment but rather a reflection of a much broader shift happening on the global stage. At COP26, COP27, and COP28 climate summits, I witnessed firsthand how nuclear energy has emerged as a central component of climate strategy. The ambitious call to triple global nuclear capacity by 2050, supported by nations worldwide, shows there is growing consensus that nuclear is essential for achieving Net Zero emissions.

Much of this shift can be attributed to the efforts of international agencies and think tanks that have been vocal in advocating for nuclear’s role in clean energy. One prominent example is TerraPraxis, a nonprofit focused on advancing sustainable energy solutions, spearheading initiatives such as the conversion of coal plants into nuclear facilities. I had the privilege of attending their conference in Brussels this year, where representatives from leading tech, finance, and energy companies like Microsoft, Google, and Goldman Sachs were present. These companies, along with others, are investing heavily in nuclear energy, particularly in the development of advanced reactors and Small Modular Reactors (SMRs). The conference focused on innovative projects such as the REPOWER system, which aims to repurpose coal plants into nuclear-powered facilities, and Project Phoenix, which seeks to accelerate SMR development.

Another influential voice is the International Energy Agency (IEA), which recently released a report titled The Path to a New Era for Nuclear Energy. The IEA’s message was clear: nuclear energy is an indispensable source of secure, clean electricity in many countries today and is poised to continue playing a key role in the coming decades.

In the United States, bipartisan support for nuclear energy has become a driving force behind its resurgence. The Inflation Reduction Act (IRA), passed in 2022, classified nuclear energy as a clean source of power and has been a game-changer for the industry. With financial incentives and subsidies now available, companies are increasingly investing in the development of new nuclear technologies. Programs like the Advanced Reactor Demonstration Program (ARDP) are helping bring next-generation nuclear reactors to market, which will play a pivotal role in the future of the energy sector.

The momentum for nuclear energy is not limited to the Americans. The government’s efforts to revitalise the nuclear industry are also taking place in Europe. Belgium, for instance, has committed to expanding its nuclear capacity as part of its energy transition goals. This is a major shift for a country that has, in the past, been cautious about nuclear power but is now prioritising its role in reducing emissions and securing a reliable energy supply.

Poland and Sweden are also actively pursuing nuclear energy to diversify their energy mix. Poland signed agreements with companies like Last Energy, planning to build ten SMRs in an industrial zone. Sweden is taking significant steps in nuclear energy by constructing the Forsmark repository, located 150 km north of Stockholm, designed to store highly radioactive waste for 100,000 years, demonstrating its commitment to managing nuclear waste responsibly.

Countries that have already embraced nuclear technology – such as South Korea, Canada, the UK, and France – are now focused on expanding their nuclear fleets. Meanwhile, nations that have yet to adopt nuclear power – such as Ukraine, Indonesia, and Turkey – are rethinking their energy strategies in light of geopolitical instability and the need for reliable, low-carbon power.

This global push for nuclear energy is also reflected in a surge in investment. As confidence in nuclear grows, uranium stocks have seen significant increases, and companies involved in uranium mining and nuclear reactor development are attracting substantial interest from institutional investors, hedge funds, and venture capitalists. Exelon, one of the largest nuclear operators in the US, has been significantly investing in nuclear energy expansion. Constellation Energy, the owner of Exelon’s former nuclear assets, announced plans to invest $1.6 billion to bring the Three Mile Island Unit 1 facility back online by 2028, further emphasising Exelon’s commitment to advancing its nuclear capabilities. TerraPower, co-founded by Bill Gates and backed by Warren Buffett, is investing $4 billion to develop next-generation nuclear reactors.

So, it seems nuclear energy has finally made it past chapter one, earning the recognition it long deserved. Much like a trustworthy friend, nuclear energy stays calm in a crisis, providing a reliable solution, while other options – though exciting – often struggle when consistency and reliability are most needed.

Now, the real test lies in the industry’s ability to deliver. Overcoming technical, regulatory, and financial obstacles will be crucial in proving that nuclear can meet the urgent global demand for clean, dependable energy. The next phase of nuclear’s journey is pivotal – if the industry can rise to the challenge, it will firmly establish itself as a cornerstone of a sustainable energy future.

Cristina Talacko CEO – Coalition for Conservation

www.coalitionforconservation.com.au

president@coalitionforconservation.com.au