Advancing Nuclear Energy: The Potential for Increased Investments and Challenges in Financing Newbuild Projects

Mr Grossi, Director-General of the International Atomic Energy Agency (IAEA), discussed the potential for advanced nuclear technologies to be a new market for the technology sector during a session addressing the need for increased investments and challenges in financing nuclear newbuild projects. He highlighted that electricity consumption from data centers, artificial intelligence, and cryptocurrencies is currently at 2% of global electricity consumption, a number that may double by 2026 according to the International Energy Agency.

The IAEA actively participated in side events at the World Energy Congress, including sessions organized by the Asian Development Bank and the China National Nuclear Corporation. These events focused on integrated energy planning, financing approaches for clean energy projects, and advancements in reactor technologies. Additionally, the IAEA organized a side event with speakers from various organizations to discuss the opportunities and challenges that the nuclear energy sector will face in the coming years as the push to reach net zero by mid-century accelerates.

The Netherlands also made an appearance at the event, announcing their intent to expand their existing nuclear reactor fleet as part of their commitment to advancing both nuclear and renewable energy. Martijn Schut, Director for Nuclear Energy at the Netherlands’ Ministry of Economic Affairs and Climate Policy, emphasized the country’s comprehensive approach to achieving environmental sustainability and economic viability.