Present status of Nuclear energy

Source: This post Present status of Nuclear energy has been created based on the article “Nuclear energy: fixing the finance” published in “The Hindu” on 21 March 2024.

UPSC Syllabus: GS Paper 3 – Infrastructure – Energy

News: The first-ever Nuclear Energy Summit was held recently in Brussels. The summit highlights nuclear energy’s role in combating climate change.

What is the present status of nuclear energy?

India’s current nuclear capacity offers cost-effective and reliable energy, yet contributes only a minor fraction to the renewable mix.

The Nuclear Energy Summit is an initiative in collaboration with the IAEA’s ‘Atoms4Netzero’ programme. It is a part of the multilateral approach to decarbonisation.

Global Nuclear Infrastructure consists of 440 reactors worldwide and significant growth in Asia, particularly China.

What is the Significance of Nuclear Energy in Combating Climate Change?

Environmental advantages: COP28 recognized nuclear energy’s capacity to significantly reduce carbon emissions, compared to solar farms and other renewable sources. The declaration at the conference agreed for tripling nuclear capacity by 2050.

Source of continuous energy: It can become a source to provide uninterrupted energy, without any geographical limitation.

Economic Advantages: With lower operating costs, smaller land requirements, and longer life cycles, nuclear power stands out among renewable energy sources.

However, there’s a significant gap in nuclear energy financing from Multilateral Development Banks (MDBs) and private investors.

What are the financing mechanisms and technological advancement opportunities in the nuclear energy field?

Small Modular Reactors (SMR) and extended fuel cycles enhance safety and efficiency. Which reduces nuclear-related risks and opens the industry to private investment.

Successful Cooperative Funding Models from France, South Korea, Russia, and the U.K. demonstrate the viability of cooperative funding models.

Recent liberalization efforts, including invitations for private investment and plans for substantial capacity expansion. It signals a promising future for India’s nuclear energy sector.