IEA (HQ: Paris, France) is an autonomous body, established in 1974 to help co-ordinate a collective response to major disruptions in oil supply.
Key highlights of report
- Increasing acceptance: Over 40 countries have plans to expand role of nuclear power in energy systems.
- Small modular reactors (SMRs) installations: It could reach 80 GW by 2040, accounting for 10% of overall nuclear capacity globally.
- Expansion in annual investment: Double to $120 billion by 2030.
- Emerging economies as market leaders: As of the end of 2024, there were 63 nuclear reactors under construction, of which three-quarters are in emerging economies and half in China alone.
Significance of Nuclear Energy
- Energy security: 9% contribution to global electricity generation in 2023.
- Low-emissions source: Second-largest source of low-emissions electricity in 2023 after hydropower,
- Source of heat: Dual benefits of harnessing thermal energy and electricity generation from nuclear reactors.
- Opportunities in developing economies: Nuclear energy accounted for just 5% of total electricity generation in 2023 as compared to 17% in advanced economies.
Challenges related to Nuclear Energy
- Safety and security: 2011 Great East Japan Earthquake and the accident at Fukushima Daiichi plant.
- Other issues: Huge construction and financing costs; Decommissioning and disposal of radioactive materials etc.
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