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An NEA delegation attended the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan, to lead and participate in discussions on nuclear energy’s role in addressing climate change.
During COP28 last year, more than 20 countries issued a Declaration to Triple Nuclear Energy by 2050, marking a historic moment for nuclear energy. At COP29, six more countries endorsed the declaration, bringing the total number of countries that formally support the tripling of nuclear capacity to 31.
The NEA has been actively working with its member countries pursuing new nuclear build to find concrete ways to achieve their net zero carbon emissions targets by rolling out new nuclear projects more quickly. During the Roadmaps to New Nuclear 2024 conference, government and industry leaders identified the most pressing issues and pledged to work together to address the challenges. In this context, the NEA convened nuclear sector stakeholders present at COP29 to review the progress made and shed light on the remaining challenges.
Financing the tripling of nuclear energy
Securing financing remains a significant challenge for new nuclear energy projects due to high upfront costs, complex risk assessments, and uncertainties surrounding returns on investment. The NEA in co-operation with the Nuclear Energy Institute (NEI) organised a discussion on 15 November at COP29 with representatives of some of the countries that issued the Declaration to Triple Nuclear Energy and experts from international organisations. The session explored how to scale up the investment flows in nuclear energy and the role of governments and the private sector in financing new nuclear projects. It was also an opportunity to share key insights from two recent NEA publications on the topic: Financing, Market Design and Project Management in Nuclear New Build and Effective Frameworks and Strategies for Financing Nuclear New.
NEA’s Diane Cameron moderated a fireside chat with Michel Hejidra, Vice-Minister for Climate and Energy, the Netherlands; Michael Goff, Deputy Assistant Secretary of Nuclear Energy, US Department of Energy; and Daniel Westlén, State Secretary to the Minister for Climate and the Environment of Sweden.
Potential role of SMRs for Arctic sustainable development
The NEA brought together nuclear sector experts with High Arctic residents on 13 November to consider the challenges and enabling conditions for the deployment of small modular reactors (SMRs) in the Arctic. With a variety of technologies, sizes and power outputs, SMRs offer a promising solution to provide reliable, low-carbon energy to remote and Northern communities, reducing dependence on diesel. The discussion also considered how SMRs could support mining operations in remote off-grid locations, lowering their carbon footprint while meeting production needs. This event drew from the recent NEA report SMRs for Mining: Opportunities and Challenges for Small Modular Reactors.
Watch the discussion on the potential role of SMRs for Arctic sustainable development.
Discussing the future of nuclear energy
The NEA delegation also participated in a series of discussions on nuclear energy organised by other COP29 participants. Diane Cameron, Head of the NEA Division of Nuclear Technology Development and Economics, joined a panel discussion organised by the World Nuclear Association (WNA) and the Clean Air Task Force on unlocking nuclear energy’s potential as a key enabler of a sustainable transition, as well a WNA event on meeting data energy centre needs with nuclear energy. During the event “Gender mainstreaming the clean energy transition” organised by the WNA, the NEA highlighted the Agency’s work on improving the gender balance in the nuclear sector.
Diane Cameron, Head of the NEA Division of Nuclear Technology Development and Economics, speaking at events organised by the WNA.
The NEA also joined national pavilions, including discussing new nuclear energy in Italy at an event organised at the Italian pavilion.
Recognising the crucial role of the younger generation in the future of nuclear energy, the NEA delegation engaged with young professionals present at COP29: the International Youth Nuclear Congress, Nuclear for Climate, YOUNGO (the official children and youth constituency of the United Nations Framework Convention on Climate Change), and the Women in Nuclear Global Young Generation Group, among others.
NEA’s Diane Cameron and Elisa de Siati engaged in discussions with young professionals at COP29.
