The European Investment Bank has issued a €90 million loan to Finland’s Teollisuuden Voima Oyj for upgrades at the Olkiluoto plant, part of a growing shift among global development banks to actively fund nuclear energy projects.
President Biden efforts to build a coalition pledging to triple the world's production of nuclear energy by 2050 has succeeded! We've learned from several attendees at the COP 28 conference (through their Twitter activity) that the following twenty-two countries have joined the coalition and signed the Pledge Declaration as of December 2nd:
|
Belgium |
Bulgaria |
Canada |
Czech Republic |
Finland |
France |
Ghana | Hungary |
Japan |
Moldova |
| Mongolia | Morocco | Netherlands | Poland |
Republic of Korea |
Romania |
Slovakia |
Sweden |
United Arab Emirates  |
Ukraine  |
United Kingdom  |
United States  |
Declaration to Triple Nuclear Energy
December 2, 2023
Recognizing the key role of nuclear energy in achieving global net-zero greenhouse gas emissions / carbon neutrality by or around mid-century and in keeping a 1.5°C limit on temperature rise within reach and achieving Sustainable Development Goal 7;
Recognizing the importance of the applications of nuclear science and technology that contribute to monitoring climate change and tackling its impacts, and emphasizing the work of the International Atomic Energy Agency (IAEA) in this regard;
Recognizing that nuclear energy is already the second-largest source of clean dispatchable baseload power, with benefits for energy security;
Recognizing that analyses from the OECD Nuclear Energy Agency and World Nuclear Association show that global installed nuclear energy capacity must triple by 2050 in order to reach global net-zero emissions by the same year;
Recognizing that analysis from the Intergovernmental Panel on Climate Change shows nuclear energy approximately tripling its global installed electrical capacity from 2020 to 2050 in the average 1.5°C scenario;
Recognizing that analysis from the International Energy Agency shows nuclear power more than doubling from 2020 to 2050 in global net-zero emissions by 2050 scenarios and shows that decreasing nuclear power would make reaching net zero more difficult and costly;
Recognizing that new nuclear technologies could occupy a small land footprint and can be sited where needed, partner well with renewable energy sources, and have additional flexibilities that support decarbonization beyond the power sector, including hard-to-abate industrial sectors;
Recognizing the IAEA’s activities in supporting its Member States, upon request, to include nuclear power in their national energy planning in a sustainable way that adheres to the highest standards of safety, security, and safeguards and its “Atoms4NetZero” initiative as an opportunity for stakeholders to exchange expertise;
Recognizing the importance of financing for the additional nuclear power capacity needed to keep a 1.5°C limit on temperature rise within reach;
Recognizing the need for high-level political engagement to spur further action on nuclear power;
The Participants in this pledge:
Commit to work together to advance a global aspirational goal of tripling nuclear energy capacity from 2020 by 2050, recognizing the different domestic circumstances of each Participant;
Commit to take domestic actions to ensure nuclear power plants are operated responsibly and in line with the highest standards of safety, sustainability, security, and non-proliferation, and that fuel waste is responsibly managed for the long term;
Commit to mobilize investments in nuclear power, including through innovative financing mechanisms;
Invite shareholders of the World Bank, international financial institutions, and regional development banks to encourage the inclusion of nuclear energy in their organizations’ energy lending policies as needed, and to actively support nuclear power when they have such a mandate, and encourage regional bodies that have the mandate to do so to consider providing financial support to nuclear energy;
Commit to supporting the development and construction of nuclear reactors, such as small modular and other advanced reactors for power generation as well as wider industrial applications for decarbonization, such as for hydrogen or synthetic fuels production;
Recognize the importance of promoting resilient supply chains, including of fuel, for safe and secure technologies used by nuclear power plants over their full life cycles;
Recognize the importance, where technically feasible and economically efficient, of extending the lifetimes of nuclear power plants that operate in line with the highest standards of safety, sustainability, security, and non-proliferation, as appropriate;
Commit to supporting responsible nations looking to explore new civil nuclear deployment under the highest standards of safety, sustainability, security, and non-proliferation;
Welcome and encourage complementary commitments from the private sector, non-governmental organizations, development banks, and financial institutions;
Resolve to review progress towards these commitments on an annual basis on the margins of the COP;
Call on other countries to join this declaration.
"We know from science, the reality of facts and evidence that we cannot achieve carbon neutrality by 2050 without nuclear power."
— John Kerry, US Climate Envoy
“First, i want to reiterate the fact that NUCLEAR ENERGY IS CLEAN ENERGY. it should be repeated. Nuclear energy is also a stable form of energy which means it’s a perfect complement to renewables. Because of nuclear energy, our (France’s) electricity is one of the cleanest in the world.”
— Emmanuel Macron, President of France
"We aim to build new Nuclear Energy equal to 2500 MW by 2035 & equal to at least x10 large reactors by 2045. In other words, Sweden is open for business in new Nuclear Energy."
— Ebba Busch, Deputy Prime Ministera of Sweden
To receive this reporting from the #COP28 conference in Dubai, you can follow members of this crowd (and others not shown) on Twitter:
@isabelleboemeke
@NuclearHazelnut
@Dr_Keefer
@energybants
@Dr_A_Stein
@W_Nuclear_News
@ryan_pickering_
@sollidnuclear
@econucleares
@ia_aanstoot
@Nuklearia
@IAEA
@RafaelmGrossi
@Africa4N
Published by Nucleation Capital in Advanced Nuclear, Brilliant thinkers, Carbon emissions, Climate policy, Energy abundance, Future of Energy, Government support, International support for nuclear, LINKS, Nuclear competitiveness, Nuclear financing, Nuclear innovation, Solving climate, US competitiveness, US technological leadership, Zero emission energy
The Green Party of Finland has voted to add several pro-nuclear points to their party manifesto which include support for existing reactors and SMRs. This is the first green party to openly support nuclear power, marking a potential turning point in how pro-renewable groups view other clean sources of electricity.
The new section is translated as follows:
Ensuring the safety of nuclear power as part of a sustainable energy palette.
- Replace the Fennovoima project, which is unsuitable for security policy, by building an equivalent amount of stable, emission-free basic production.
- Extension permits will be granted to Finland's existing nuclear reactors if the Radiation and Nuclear Safety Authority considers it safe to continue operations.
- Reform the nuclear energy law and, in particular, streamline the regulation of small nuclear reactors without compromising safety.
On the first point, the “Fennovoima project” refers to a new nuclear plant which was set to begin operation in 2028 but was canceled shortly after construction began. As Fennovoima Ltd, the owner of the plant was established by Russia’s state nuclear company, Rosatom, the decision was made to cancel the project in response to the conflict in Ukraine.
This shift in the party’s stance was supported by Viite, an internal group within the Green League which promotes political decision-making based on scientific knowledge. Also supportive of this initiative was Fridays for Future Finland, the Finnish section of the international movement started by Greta Thunberg.
Finland generates a third of its energy from nuclear power, and before this shift from the Greens, 147 of the 200 seats in the Finnish Parliament were filled by representatives whose parties supported the usage of nuclear power. With the 20 seats of the Green Party, or “Green League” now joining that group, nuclear power is supported by over 80% of the legislature. In addition, the country has recently reached its highest ever public support of nuclear power, with 74% in favor of its continued usage. These factors combine to make it clear that the development of nuclear power will not be slowing down in Finland any time soon.
Read more at Alliance For Science: Finland’s Green Party endorses nuclear power, published May 23, 2022, by Mark Lynas.
Published by Grant Mills in Advanced Nuclear, Carbon emissions, Climate change, Construction costs, Environmental support for nuclear, Future of Energy, Government support, History Timeline, History-making, International support for nuclear, LINKS, Nuclear-inclusive energy policy, Solving climate, Zero emission energy
Olkiluoto 3, the long-awaited Finish EPR nuclear power plant, started producing electricity on March 12th. It will be commencing with a phase of testing its power production and so will operate at reduced power for a few months. Once power output is increased to full capacity, OL3 will be able to generate 1,600 MWs, providing approximately 14% of Finland's electricity demand and significantly increasing Finland's domestic electricity supply, just as Russian natural gas deliveries are being boycotted as a result of its war with Ukraine.
No one planning Olkiluoto could have foreseen this war and the dire straits it has put most of Europe under, as a result of Russian aggression against Ukraine. With so many EU countries dependent upon delivery of Russian oil and gas—notably Germany, Austria and Poland—the ability of Finland to further reduce its own need for Russian gas or oil supplies for electricity, is incredibly timely, as it will help shift demand and further reduce purchases from Russia.
Of course, significant construction delays and cost increases were harshly criticized for years by members of the press and public, many of whom considered the construction of this plant a mistake. In fact, many of the naysayers who oppose nuclear insist that nuclear is both too expensive and takes too long to be of help in our efforts to decarbonize. Yet, with emissions still on the rise, neither can they cannot point to a single large developed nation which has succeeded in decarbonizing without either an abundance of hydro, geothermal or nuclear power. The completion of Olkiluoto 3 and the start of its operations may have come later than hoped but it is, in terms of addressing the exigencies of climate change and the outrages of Putin, it is just on time.
Read more about the startup of OL3 at The Olkiluoto 3 EPR plant unit’s electricity production has started, March 12, 2022. Interested observers may follow the plants energy production performance at TVO's website at www.tvo.fi/ol3forecast.
Published by Nucleation Capital in Carbon emissions, Climate change, Climate mayhem, Future of Energy, Government support, History-making, International support for nuclear, LINKS, Zero emission energy
With the eyes of the world watching, French President Emmanuel Macron led an effort, joined by nine other European nations, to call on the European Commission to recognise nuclear power as a low-carbon energy source that should be part of the bloc's decades long transition to climate neutrality.
Making the case for nuclear energy as a "key, affordable, stable and independent energy sources" the writers argue that nuclear energy could protect EU consumers from being "exposed to the volatility of prices."
Nuclear energy accounts for over a quarter of the electricity produced in the European Union, and over 74% for France, which initiated the letter that was signed by Bulgaria, Croatia, Czech Republic, Finland, Hungary, Poland, Slovakia, Slovenia and Romania.
Over 90% of the EU's natural gas come from foreign importers, with Russia as the main producer. This great dependency has been credited as one of the main factors behind the rise in energy prices as well as supply insecurity.
"Supply tensions will be more and more frequent and we have no choice but to diversify our supply. We should pay attention not to increase our dependency on energy imports from outside Europe."
The signatories urge the Commission to include nuclear energy inside the EU green taxonomy, a technical guidebook that helps governments and investors to identify which projects respect the Paris Agreement and which ones are in breach of its climate goals.
Read more in Euro News' Led by France, 10 EU countries call on Brussels to label nuclear energy as green source, published December 10, 2021.
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