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.”

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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.