Global Consensus on Nuclear Power Expansion Amid Rising Demand

Strategic Insights -

Rising projections for nuclear power expansion highlight the urgent need to bolster capacity, access to financing, and streamlined deployment to meet the growing energy demands of Africa and the G20 countries. The first-ever high-level G20 meeting on nuclear energy, jointly organized by South Africa's Department of Electricity & Energy and the International Atomic Energy Agency (IAEA), brought together energy ministers and high-level representatives to discuss the potential of nuclear power. Key takeaways from the meeting emphasize the importance of scaling up clean, reliable power, including nuclear, to address energy access challenges and meet growing demand.

Key Takeaways:

  • The IAEA estimates that around half a billion Africans lack electricity access, and by 2030, the continent will be home to about 20% of the world's population.
  • Egypt is poised to become Africa's second operating country as the construction of its inaugural El Dabaa nuclear power plant nears completion.
  • The IAEA's latest publication, Coal to Nuclear: Supporting a Clean Energy Transition, explores the benefits of repurposing former coal power plant sites to support reactor deployments.
  • Speakers from nuclear power-related organizations emphasized the importance of proactive stakeholder engagement for long-term success and the ability of nuclear power to industrialize Africa.
  • The IAEA estimates that nuclear generating capacity on the continent will triple by 2030 in the high case scenario compared with 2024 capacity, with a projected 16-fold increase by mid-century.

Statistics:

  • Around half a billion Africans lack electricity access.
  • By 2030, the continent will be home to about 20% of the world's population.
  • The IAEA estimates that nuclear generating capacity on the continent will triple by 2030 in the high case scenario compared with 2024 capacity, with a projected 16-fold increase by mid-century.
  • At the end of 2024, 417 nuclear power reactors were operational, with a global capacity of 377 gigawatts electric (GW(e).
  • The IAEA estimates that global nuclear operational capacity will more than double by 2050 – with small modular reactors (SMRs) expected to play a pivotal role in this expansion.

Sources:

  • "IAEA, South Africa Minister of Electricity and Energy to Address G20 Energy Ministers"
  • "The Outlook for Nuclear Energy in Africa"
  • "Coal to Nuclear: Supporting a Clean Energy Transition"