The 2024 edition of Climate Change and Nuclear Power has been released by the International Atomic Energy Agency. The 99-page report focuses on the need for a significant increase in investment to achieve goals for expanding nuclear power.

The report: According to the IAEA, the report delves into the financing of nuclear projects as ambitious climate targets draw nearer. It also explores the imperative for financial frameworks to help nuclear energy become a cornerstone of global decarbonization efforts and highlights the challenges and best practices in financing nuclear projects.

The International Atomic Energy Agency launched a collaboration with the Group of 20 this week to highlight the key role that nuclear energy can play in achieving energy security and climate-change goals.

The aim of this first-of-its-kind partnership with G20—the world’s largest economic group—is to build momentum for nuclear power. This is the first time the IAEA has presented to G20 on issues relating to nuclear power.

Three factors will drive nuclear exports: energy security, decarbonization, and geopolitics. Recent power prices in Europe, coupled with the situation in Ukraine, demonstrate the interplay of all three factors. Nuclear exports have to be viewed in the context of the current geopolitical climate, particularly relative to Russian and Chinese competitive offerings. Finally, the critical importance of nuclear energy in meeting global decarbonization efforts can be a driving force for exports, further enhanced by the inclusion of nuclear energy in clean/green taxonomies and the accompanying support from the ESG (environmental, social, and governance) investor community.

Aerial view of Angra 3 nuclear reactor construction site in 2017. Source: Agency Brazil

The Bulletin of the Atomic Scientists published on February 16 an article questioning the logic of completing construction on Brazil’s long-dormant Angra-3 nuclear power plant.

The Brazilian government in 2019 decided to resume construction of Angra-3, after 35 years on hold. The article, Brazil’s Angra 3 nuclear reactor: A political undertaking, not a common good, states that “the work was supposed to restart last year, with the reactor entering commercial service by late 2026, but COVID-19 and the quest for private partners to invest in the project have pushed back the schedule.”