Global investment in nuclear power has surpassed $80 billion annually, around 75% higher than a decade ago, as countries increase spending on nuclear energy to strengthen energy security, meet rising electricity demand and reduce emissions. The growth is being driven by growing electricity needs from industry, electrification and data centres.
The renewed investment spans established nuclear markets and countries developing their first nuclear programmes. Governments are pursuing large reactors, small modular reactors (SMRs) and advanced reactor technologies, reflecting a broader return of nuclear energy to national energy strategies.
Energy security is a major driver, with countries seeking reliable, low-carbon electricity that can complement variable renewable sources. The increased interest also reflects concerns about dependence on imported fossil fuels and the need for stable power as electricity consumption rises.
The investment surge marks a significant shift from the slower nuclear investment environment following the Fukushima accident. However, turning increased investment into operating reactors will still depend on addressing high construction costs, lengthy project timelines, financing, regulation and supply-chain capacity.
Article by maaaal.com , Photo Courtesy: The Economic Times Business Verticals