US and UK Push pledge to triple nuclear power by 2050

At the COP28 summit, the US will be leading a push to triple installed nuclear power capacities globally by 2050. This is a significant turn-around for this controversial technology in the climate negotiations.

According to a document, the declaration will ask that the World Bank as well as other international financial institutions include nuclear energy into their lending policies. According to sources familiar with the issue, the US is likely to be joined by Britain, France, Sweden Finland and South Korea for the pledge that will be signed on Dec. 1, in Dubai.

One of the sources, who requested anonymity because the information was not public, stated that the nuclear industry will commit to triple the generation of resources by 2020.

A draft of the Declaration states that “the countries recognize [the] key role of nuclear power in achieving net-zero global greenhouse gas emissions/carbon-neutrality by or about mid-century.” Nuclear energy is the second largest source of clean, dispatchable baseload energy. It also has benefits for energy security.

The announcement is the latest indication of a shift in attitudes toward nuclear energy, which does not emit carbon dioxide but has been heavily criticized for the waste generated, the costs associated with building plants, and possible security concerns. The support for nuclear power has grown, especially as a clean backup to renewable energy sources like wind and solar. They will also invest in new technologies such as small modular nuclear reactors.

John Kerry, US Special Presidential Envoy for Climate, said last week at the Bloomberg New Economy Forum that “Nuclear energy is 100% of the solution.” “It’s clean energy.”

United Arab Emirates will host the 28th Conference of the Parties of the United Nations, also known as COP28. The United Arab Emirates is the only country on the Arabian Peninsula that has a nuclear energy program. The hosts are not certain if they will sign.

The UN’s two-week summit, which begins on November 28, will include a global stocktake to determine how far the world has strayed from its goal of keeping global warming under 1.5C. It will also assess what needs to be done in order to close this gap. The UN released a report on Tuesday that showed emissions will rise by 9% in 2030 compared to 2010. This could lead to a global warming of up to 2.8C.

Post Disclaimer

The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.

This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.

The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.