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.”
Read more: Southeast Asia's nuclear ambitions dashed by public opinion
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.
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