Six new countries commit to tripling global nuclear production by 2050

At COP29, six countries joined an ambitious declaration to triple global nuclear capacity by 2050, bringing the number of signatories to 31, backed by major financial institutions.

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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.

Commitment to global decarbonization

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.

Growing financial support

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.”

The new signatories and their projects

None of the six new signatories currently operate nuclear power plants, but several have launched promising initiatives. In Turkey, four reactors are 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 a nuclear program. The country has also signed an agreement with Argentina to enhance its technological capabilities. Kazakhstan, the world’s largest uranium producer, is exploring national projects to meet its growing energy demands.

Kenya and Nigeria are considering nuclear energy for electricity generation and addressing challenges like desalination. These projects reflect a diversification of energy solutions for developing nations.

Extending and modernizing existing infrastructure

In addition to constructing new facilities, the declaration emphasizes the importance of extending the lifespan of existing reactors. This strategy aims to maximize their contribution to decarbonization while minimizing the costs of new constructions.

The signatory countries pledge to promote international cooperation policies and support nations ready to responsibly adopt civil nuclear technologies.

Bahrain has concluded a civil nuclear agreement with the United States and formalised a commitment of $17bn in public investments in the US market, further strengthening bilateral cooperation.
Kairos Power has installed the vessel for its third test prototype in Oak Ridge, aiming to validate manufacturing methods for its future Hermes reactor supported by the US Department of Energy.
London and Prague formalise a strategic partnership to develop the nuclear sector, focusing on small modular reactors and industrial cooperation on supply chains.
Experts have broadly approved France’s Cigéo deep nuclear waste repository project, highlighting technical uncertainties that demand stronger guarantees for long-term safety.
Uzbekistan advances its nuclear project by signing a protocol with Hungary for the supply and local assembly of dry cooling systems, expanding its industrial partnerships in the region.
The International Atomic Energy Agency mission completed on July 11 warns that the National Nuclear Safety Administration must hire staff to oversee a fleet of 59 reactors in operation and 32 more under construction.
Energoatom signed strategic agreements with Westinghouse and Holtec at the Ukraine Recovery Conference, aiming to establish nuclear fuel production and small modular reactor capabilities in the country.
Tehran agrees to reopen its nuclear facilities to the IAEA, aiming to resume negotiations with Washington, while Moscow pushes for a “zero enrichment” agreement without getting involved in supervision.
TerraPower has selected three new American suppliers for its advanced Natrium nuclear reactor, confirming progress on the project located in Kemmerer, Wyoming, intended to replace a retiring coal-fired power plant.
Energy Exploration Technologies acquires Daytona Lithium, an Australian subsidiary of Pantera Lithium, for AUD40mn ($27mn), bringing its strategic lithium basin footprint in Smackover, USA to nearly 50,000 acres.
The Canadian Nuclear Safety Commission has identified no major barriers to licensing the ARC-100 reactor, announces ARC Clean Technology.
SE Ignalina, the Lithuanian nuclear operator, has signed a memorandum of understanding with French firm Newcleo to explore the integration of small modular reactors (SMRs) using lead-cooled fast reactor (LFR) technology in Lithuania.
Egyptian President Abdel Fattah al-Sisi oversaw the signing of new agreements for the construction of the El Dabaa nuclear power plant, thus strengthening the strategic cooperation between Egypt and Russia.
Vistra Corp receives green light to extend Perry nuclear plant operations in Ohio by 20 years, securing regional electricity supply until 2046 and ensuring operational continuity for all its nuclear reactors in the United States.
EDF will hold a 12.5% stake in the Sizewell C nuclear project in the UK, a €1.3 billion investment announced during Emmanuel Macron’s official visit to London, confirming the strategic nuclear energy alignment between the two countries.
The French Cigéo project, designed to bury the most hazardous radioactive waste deep underground, obtains a crucial technical validation before its final authorization, expected by the end of 2027.
EDF confirms the continuation of its industrial project in Fessenheim for recycling very low-level radioactive metals, a first in France requiring specific regulatory authorizations, following a public debate concluded last February.
NANO Nuclear Energy Inc. formalizes its collaboration with UrAmerica Ltd. to strengthen Argentina’s uranium supply, aiming to secure future nuclear fuel supply chains for the U.S. market.
American companies SHINE Technologies and Standard Nuclear partner to recycle uranium and plutonium, supplying advanced fuel to the nuclear reactor sector and enhancing the national energy security of the United States.
The American Bureau of Shipping and two nuclear sector companies are studying the potential deployment of floating nuclear power plants to meet the energy needs of island and coastal regions in the Mediterranean, notably via electricity and desalination.