Powering tomorrow Navigating the energy transition landscape 2024 - Flipbook - Page 23
The commercial and regulatory developments in
fusion align with signi昀椀cant technical advancements
across the public and private sector,ensuring that
fusion can continue to make progress towards
its breakeven goals. In addition to the NIF
announcements, in 2022, JET tokamak achieved
a 昀椀rst-ever sustained, high-con昀椀nement plasma
using the same wall materials and fuel mix that
the ITER facility in France will use. In 2021,
ITER, an international nuclear fusion research
project, projected its 昀椀rst plasma achievement in
the mid-2020s. Participating members in ITER
include China, India, Japan, Russia, the EU, and
the U.S. On the commercial side, a number of
companies have announced signi昀椀cant developments
as well. The ultimate goal—practically unlimited
safe and clean power—is a massive carrot for
investors, especially those looking to capitalize
on the shift to green energy.
‘‘
Hogan Lovells has a great sense
of what’s going on in the market.
They’re proactive and work
incredibly well with everyone
across the business.
‘‘
The UK Government and other leading
regulatory bodies like the U.S. Nuclear Regulatory
Commission have also stated that they intend to
regulate fusion under existing radioactive
materials frameworks for the materials they use
and produce—recognizing signi昀椀cant di昀昀erences
in nuclear 昀椀ssion plants—aligning key movers in
the regulatory space.
Construction, Chambers Global, 2023
Key takeaway for fusion
To accelerate the commercialization of
fusion, industry and governments must
work together: From a safety, regulatory,
and risk perspective, the U.S. and the UK are
prepared, which will streamline implementation
in the future. However, governments must
engage the private sector and facilitate—
rather than impede—innovation, particularly
by speeding up approval timelines and
establishing regulatory frameworks.
Hogan Lovells | Powering tomorrow: Navigating the energy transition landscape
23
