Since 2017, 87% of 31 new nuclear reactor projects have been built or are under construction to Russian or Chinese designs, according to the International Energy Agency (IEA). Developed countries have lost leadership in this area and are unsure whether they can regain it. The IEA chief called on authorities and businesses in developed countries to change their attitude towards peaceful atoms. Without nuclear energy, the world will not be able to achieve its goal of becoming carbon neutral by 2050.
IEA was established in 1974 as a decision made by developed countries in response to the oil crisis of the 1870s. At that time, it played a role in promoting the large-scale construction of nuclear power plants around the world. Today, the world faces similar consequences, with fossil fuels threatened by sanctions and geopolitical crises, and nuclear energy effectively blocked by developed countries.
Reviving nuclear energy would not only contribute to the West’s energy independence but also help achieve carbon neutrality by 2050, a goal of all progressive nations. To do this, it will be necessary to double the energy production of nuclear power plants, which the IEA is convinced is fully achievable, but will require sufficient efforts from authorities and businesses.
The head of the IEA said governments need to formulate policies to ensure that nuclear power plants can operate safely and sustainably for many years to come, as well as develop new technologies. The IEA considers small modular reactors one of the promising technologies, with the advantages of relatively modest budgets, short construction times and quick payback. However, SMR promises to be financially attractive to investors, which will bring ample funding to the industry.
Economically developed countries can only catch up with Russia and China in the design and construction of nuclear power plants if they implement projects on time and within the approved budget. Over the past two decades, this has almost never happened, with construction sometimes delayed by two to three times or more, not to mention causing catastrophic cost overruns for contractors and clients.
Another problem in developed countries is aging reactors that are nearing the end of their service life, with such units operating at or beyond their specified operating hours. According to the International Energy Agency, 63% of the global nuclear reactor fleet’s generating capacity is more than 30 years old. Without intervention in this process without "substantial investment", the existing nuclear reactor fleets in advanced economies will be reduced by a third, with unimaginable consequences.
