Nuclear power is a vital component of future energy transition
Along with our recent piece on the increasing opportunities around wind energy, nuclear will play a crucial role in how we tackle the energy needs of tomorrow, particularly as energy security becomes critical in an ever volatile geopolitical environment. Nuclear energy offers some of the most viable solutions that can help reduce the use of fossil fuels in the medium to long term. This is crucial for national grids that are already under the strain of increasing domestic energy demands.
The need for sustainable transition
A recent report by the International Energy Agency found that the global demand for electricity is continuing to rise. 2021 saw a 5% increase in global electricity demand, following a 1% decrease the previous year, in the wake of the Covid-19 pandemic. If energy supplies are to be future-proofed, solutions for sustainable energy production need to be delivered.
The potential for growth
Nuclear power has a chequered reputation in the public eye. However, it’s historically accepted that the strict regulations and international standards mean that nuclear power is one of the safest forms of energy production today. Notability, nuclear energy emits no carbon emissions and is therefore key to achieving global net zero objectives.
In the next two years, it’s predicted that over £70 billion will be spent on nuclear power projects worldwide. This is evident in densely populated countries like China and India. In total, 19 countries are increasing their nuclear investments to improve the global capacity of electricity created from nuclear energy by 54 gigawatts.
The UK is planning on increasing its nuclear power capacity by building 8 new reactors to help achieve its plan to lower reliance upon foreign energy imports. Additionally, countries like Bangladesh, the UAE, and Turkey are entering the nuclear industry for the first time. This indicates growth in the sector in the coming years, driven by significant innovation to make nuclear core to the global energy transition, providing round the clock baseload power in all weather conditions to complement wind and solar.