US Wants More Nuclear, to Lead Global Initiative at COP28 Summit

The United States is set to lead a global initiative at the COP28 climate summit, aiming to triple the installed nuclear power capacity worldwide by 2050. 

The move represents a major reversal for the contentious technology within the realm of climate negotiations. A declaration, scheduled to be signed on December 1 in Dubai, is expected to enlist support from the UK, France, Sweden, Finland, and South Korea.

According to a leaked document seen by Bloomberg News, the declaration will urge international financial institutions, including the World Bank, to incorporate nuclear energy into their lending policies. Simultaneously, the nuclear industry is poised to commit to tripling generation resources from 2020 levels shortly thereafter, according to undisclosed sources.

John Kerry, the US special presidential envoy for climate, emphasized the significance of nuclear energy in addressing global net-zero greenhouse gas emissions, stating that it is “100% part of the solution” and qualifies as clean energy. 

Related: US Supports Nuclear Power Expansion in Europe, Launches NEXT Program

The draft of the declaration recognizes the pivotal role of nuclear energy in achieving carbon neutrality by mid-century, highlighting its status as the second-largest source of clean and dispatchable baseload power.

Related: ‘Atomic Sun for Everyone’: Bono Is Now Pro-Nuclear

This shift in sentiment towards nuclear power, which avoids carbon dioxide emissions but has faced criticism for waste generation, construction costs, and security concerns, reflects growing support, particularly as a reliable backup for renewable sources like wind and solar. The participating countries are also committing to exploring new technologies, such as small modular reactors.

The news has caused a significant jump in the uranium market, with spot prices going up to $76.25/lb, up $1.75.


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Game-Changer: Finnish Nuclear Plant Sparks 75% Drop in Electricity Prices

The Olkiluoto 3 (OL3) nuclear power plant in Finland has only been fully operational since...

Wednesday, May 17, 2023, 01:48:47 PM

Coal-Dependent Poland Inks Nuclear Power Plant Deal With South Korea

Seoul and Warsaw have inked outline agreements to develop nuclear power in Poland–in a move...

Tuesday, November 1, 2022, 12:51:00 PM

A Nuclear Power Plant Meltdown In Ukraine Could Now Be A Real Risk

On March 3, Russian forces shelled the Zaporizhzhia commercial nuclear power plant in Ukraine, sparking...

Sunday, March 6, 2022, 05:03:00 PM

Germany, Poland, EU Want Sanctions On Russian Uranium

Germany, Poland, and a few other EU countries are lobbying for restrictions on Russian nuclear...

Thursday, April 20, 2023, 10:38:34 AM

Energy Secretary Calls For More Nuclear Reactors: “2 Down, 198 To Go”

U.S. Secretary of Energy Jennifer Granholm has called for the construction of “hundreds” of new...

Saturday, June 1, 2024, 09:14:00 AM