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22 countries to triple nuclear energy capacity by 2050

More than 20 countries, across 4 continents, have pledged to triple global nuclear capacity by 2050.

The countries signed up to the declaration at COP28, the UN Climate Change Conference, include the US, Canada, UK, France, Japan, Sweden, Finland, Sweden, South Korea, Bulgaria, Czech Republic, Ghana, Hungary, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Slovakia, Slovenia, Ukraine, and the United Arab Emirates.

“The participants in this pledge commit to work together to advance a global aspirational goal of tripling nuclear energy capacity from 2020 by 2050… to mobilize investments in nuclear power, including through innovative financing mechanisms”
— Declaration to Triple Nuclear Energy

S&P Global Commodity Insights forecast global nuclear capacity will grow by 58% to 2050, with the total installed nuclear capacity rising to 631 GW in 2050, from 375 GW in 2020. China and the US will represent over 50% of the global total.

Global nuclear capacity forecast - The Oregon Group - Investment Insights

Installed nuclear capacity vs carbon emissions - The Oregon Group - Investment Insights

The declaration also supports the development and construction of small modular nuclear reactors (SMRs), and other advanced reactors for power generation.

“Nuclear energy is back,” said President Emmanuel Macron, saying that tripling production capacities “sends a powerful message to the world.”

Such an increase in installed nuclear capacity would have an obvious impact on uranium prices. Uranium is at the start of a 10-year bull market, according to our new report, forecasting that the uranium market will be positively impacted by a large net increase in global nuclear reactors, which require uranium as fuel.

The Uranium Bull Market and the Coming of the Second Atomic Age — The Oregon Group Report

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