Representatives from more than 30 countries gathered in Brussels in March at a nuclear summit hosted by the International Atomic Energy Agency and the Belgian government. Thirty-four nations, including the United States and China, agreed “to work to fully unlock the potential of nuclear energy,” including extending the lifetime of existing reactors, building new nuclear power plants and deploying advanced reactors.
“Nuclear technology can play an important role in the clean energy transition,” Ursula von der Leyen, the president of the European Commission, told summit attendees. But she added that “the reality today, in most markets, is a reality of a slow but steady decline in market share” for nuclear power
The numbers underscore that downturn. Solar and wind power together began outperforming nuclear power globally in 2021, and that trend continues as nuclear staggers along. Solar alone added more than 400 gigawatts of capacity worldwide last year, two-thirds more than the previous year. That’s more than the roughly 375 gigawatts of combined capacity of the world’s 415 nuclear reactors, which remained relatively unchanged last year.
Pledging to triple nuclear capacity by 2050 is a little like promising to win the lottery.
For the United States, it would mean adding an additional 200 gigawatts of nuclear operating capacity (almost double what the country has ever built) to the 100 gigawatts or so that now exists, generated by more than 90 commercial reactors that have been running an average of 42 years. Globally it would mean tripling the existing capacity built over the past 70 years in less than half that time in addition to replacing reactors that will shut down before 2050.
The Energy Department estimates the total cost of such an effort in the United States at roughly $700 billion.
For much less money and in less time, the world can reduce greenhouse gas emissions through the use of renewables like solar, wind, hydropower and geothermal power.
