An alliance between the US, UK, Japan, Canada and France aims to diminish Russia’s control of nuclear energy supply chains.
Although details in the agreement are light, the countries plan to leverage their respective resources and capabilities to support the stable supply of nuclear fuels such as uranium.
“This agreement will be used as the basis for pushing Putin out of the nuclear fuel market entirely, and doing so as quickly as possible”Grant Shapps, UK Department of Energy Security and Net Zero
Governments across the world are increasingly turning to nuclear power in their bid for energy security and to meet climate change net zero targets. This means an increased demand for uranium.
For example, in the UK nuclear fuel is needed to operate nuclear power stations, that provide around 15% of the UK’s electricity supply with an aim for it to make up 25% of our electricity supply by 2050.
Watch our latest video with key players in the industry on the impact of increased demand for uranium as supply remains tight: