Powering tomorrow Navigating the energy transition landscape 2024 - Flipbook - Page 20
Nuclear energy
as key technology
for energy
decarbonization
and energy
transition
With heightened global focus on the
energy transition and the urgent need for
decarbonization and enhanced energy
security, underscored by the Russian
invasion of Ukraine, nuclear energy has
emerged as a pivotal player in the quest for
sustainable and reliable power sources—
both large scale nuclear plants and the
new advanced reactor technologies. This
increased attention is driven by nuclear’s
inherent traits, such as its base load power,
reliability, and the fact that it produces zero
carbon emissions.
Notably, the United States (U.S.), the United
Kingdom (UK), Europe, Asia, Africa and various
other regions worldwide are witnessing a surge
in new nuclear initiatives, government support,
and committed projects—demonstrating the
growing need for the multifaceted applications
of nuclear energy. Beyond electricity generation,
nuclear is also gaining traction for its potential in
addressing high process heat needs for industrial
decarbonization and pioneering initiatives in
deep space exploration.
The spreading acceptance that nuclear is key to
the energy transition comes at a critical time.
With countries looking at their decarbonization
plans and trying to ensure grid stability, a
number of emerging economies are seeing an
increased need for energy, and a number of
countries are facing energy crises as a result of
the war in Ukraine.
‘‘
The team has deep substantive
expertise in the area of nuclear
technology and the associated
agencies with regulatory
framework.
‘‘
Nuclear, Chambers Global, 2023
20
This shift is re昀氀ected in annual reports
from global organizations tracking energy
developments around the world. For example,
in 2022, the International Atomic Energy
Agency (IAEA) published its annual projections
on nuclear power growth, echoing previous
predictions of a substantial increase in nuclear
generating capacity due to increased concerns
about combatting climate change and ensuring
energy security. Complementing the IAEA’s
report, the International Energy Agency issued
a similar report in 2022 and 2023 that outlined
how governments and companies can work
together to deploy clean energy technologies in
high-emitting sectors and similarly projected
a signi昀椀cant increase in nuclear generating
capacity, including a 40 percent increase
by 2030.
Hogan Lovells | Powering tomorrow: Navigating the energy transition landscape
