A new report from Wood Mackenzie forecasts the world’s nuclear capacity will need to triple to 280GW by 2050, to meet global pledges consistent with a 2 °C warming pathway.
The challenge will be cost, but voters and legislation are increasingly supportive.
There are four key aspects that need specific focus according to Wood MacKenzie:
- governments must lay the groundwork
- the uranium supply chain must be expanded
- developers need to refine their skillsets
- strong offtake agreements
“Nuclear should play a central role in decarbonization for many countries. Under our base case, nuclear capacity expands 280 GW by 2050. Under our Global Pledges Scenario, consistent with a 2 °C warming pathway, a tripling of nuclear capacity is required”— Wood MacKenzie, The nuclear option: Making new nuclear power viable in the energy transition
Our own report believes we are entering a ten year bull market for uranium, essential to fuel the rapidly expanding global nuclear fleet. Find out more: