The United Nations Climate Change Conference (COP29), currently taking place in Baku, Azerbaijan, marked a significant milestone for global nuclear energy. Six new countries – El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria, and Turkey – have joined the declaration initially adopted at COP28. This initiative aims to triple global nuclear capacity by 2050 compared to 2020 levels.
According to the World Nuclear Association (WNA), this brings the number of countries supporting this ambitious vision to 31, with the backing of 14 major international financial institutions. The signatories include the United States, Canada, Japan, France, the United Kingdom, and the United Arab Emirates.
The declaration calls for an increase of approximately 750 gigawatts (GW) in nuclear capacity by 2050, far exceeding current plans. According to forecasts by S&P Global Commodity Insights, global nuclear capacity is expected to grow by 58% by 2050, reaching 631 GW. The two largest contributors will be China and the United States, which together will account for more than half of the total capacity.
To achieve this target, the signatories will support projects such as small modular reactors and other advanced technologies, suitable for electricity production and industrial applications like hydrogen or synthetic fuel production.
Financial backing is a central pillar of this ambition. During Climate Week in New York in September, 14 major financial institutions, including Goldman Sachs, Barclays, and BNP Paribas, announced their support for this initiative. These financial groups also encourage the World Bank and other organizations to include nuclear energy in their energy lending policies.
Sama Bilbao y León, Director General of the WNA, highlighted the importance of this commitment: “Nuclear now enjoys the support of the world’s largest banks and most advanced technology companies.”
None of the six new signatories currently operate nuclear power plants, but several have launched promising initiatives. Turkey, for example, has four reactors under construction at Akkuyu, with funding and expertise from Russia. These reactors are expected to provide a total capacity of 4.5 GW.
El Salvador has recently created a federal agency to develop its nuclear program. The country has also signed an agreement with Argentina to bolster its technological capabilities. Kazakhstan, recognized as the world’s largest uranium producer, is now exploring national projects to meet its growing energy needs.
Kenya and Nigeria are exploring nuclear energy not just for electricity generation, but also to address issues like desalination. These projects reflect how developing nations are diversifying their energy solutions.
There’s also a focus on modernizing existing infrastructure. The declaration emphasizes improving the lifespan of current reactors to maximize their contribution to decarbonization. This approach is not only cost-effective but also helps mitigate the need for many new constructions.
The signatory countries have pledged to promote international cooperation policies and support nations ready to responsibly adopt civil nuclear technologies. This cooperative attitude adds to the overall optimism surrounding this push for nuclear energy.
Moving forward, experts argue it's clear: the world needs to rethink its approach to energy production if it hopes to meet its climate targets. By re-engaging with nuclear energy as part of the solution, the global community could potentially speed up the transition to more sustainable energy systems.
Meanwhile, the calls for global decarbonization have taken center stage, with nuclear energy considered by many as fundamental to this strategy. It’s becoming evident: as nations grapple with their energy demands and climate commitments, nuclear energy could play a pivotal role.
