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Nuclear power and Russia’s invasion of Ukraine

Uranium Energy notes that there has been a vibrant new interest in nuclear power as more countries realize that it is indispensable for decarbonizing the world, stabilizing power grids and supplementing intermittent energy sources.

Also, the company adds, the heightened interest in nuclear power has been one of the results of the Russian invasion of Ukraine, as Russia has cut off gas supplies to Western Europe.

The lack of alternative energy sources has highlighted the national security risks for these countries as a result of their over-dependence on Russia, and indigenous nuclear power is proving to be a good option to mitigate that threat.

From Uranium Energy’s perspective, the current global fleet of operating nuclear power plants, in addition to the global growth of new reactors under construction and those planned, is testament to the confidence in nuclear power to provide safe, highly reliable, cost-effective and carbon-free electricity as part of a global energy supply mix.

Nuclear power

The Paris Agreement is a legally binding international treaty on climate change that was adopted by 196 parties in Paris on December 15, 2015 and entered into force on November 6, 2016.

Since then, the global community has embarked on a challenging but necessary journey to decarbonize the world’s energy mix in order to limit global warming well below a two-degree scenario compared to pre-industrial levels.

The Paris Agreement reaffirms that developed countries must take the lead in providing financial support to the least endowed and most vulnerable countries, while for the first time also encouraging voluntary contributions from other parties. Climate finance is necessary for mitigation, as large-scale investments are required to significantly reduce emissions.

According to the International Energy Agency (IEA), to achieve global zero emissions targets by 2050, the global community will need to halt sales of new internal combustion engine passenger vehicles by 2035, and phase out all unabated coal and oil-fired power plants by 2040.

 

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