Policy support for nuclear power expands in 2022
This comes as markets look for a more low-carbon energy supply, Wood Mackenzie reported.
Policy support for nuclear power has expanded in key markets that account for 50% of the global nuclear capacity in 2022, Wood Mackenzie reported.
In its “Investing in the future of advanced nuclear,” Wood Mackenzie found that the US had just received $6b in public support, whilst Asian markets, such as India, Japan, and China are expected to expand support and grow capacity.
“Critical to long-term net zero emissions pathways, nuclear power also addresses several challenges facing the world today – the need for reliable, low-carbon energy supply,” David Brown, director, Energy Transition Service for Wood Mackenzie, said.
“Nuclear is a key part of addressing the energy trilemma, by limiting the role of higher cost marginal supply sources, such as natural gas.”
Brown noted more investments in conventional and emerging nuclear technologies are needed, considering 70% of the current capacity was built between 1970 and 1990.
“New reactors with innovative technologies must be brought online, with the dual target of delivering more low-carbon energies at a competitive price point,” he said.