The Nuclear Energy Decade

Last week, I had the honor of addressing leading government officials at International Atomic Energy Agency (IAEA) 's Nuclear Energy Summit in Brussels. This is the first global summit bringing together heads of state, world leaders, and industry to fulfil COP28’s promise of tripling nuclear by 2050*. 

My thesis was that, come 2030, we will look back on this decade as the Nuclear Energy Decade. The decisions we make together today, whether at the Summit or other convenings, will determine success.

I shared three reasons to be optimistic. 

First, the critical role of nuclear energy to address the urgency of electrification and decarbonization is now beyond refute. As the most reliable operating power generation, nuclear energy provides a unique opportunity to enable reliable, affordable, and sustainable energy both to advance energy security and decarbonize other industrial processes. The opportunity for common designs associated with Small Modular Reactors (SMRs) will enable nuclear energy to slot into both existing grid infrastructure (such as shuttered coal plants) and support new uses such as DataCenters and hydrogen production. This is why 25 heads of states expressed their support for nuclear and SMRs at COP28 UAE *.

Second, the unprecedented public/private partnership to advance small modular reactors is setting up success at the ground level. Global policies including the EU Taxonomy, Great British Nuclear, the Three Seas Initiative in Eastern Europe, a trio of major American bills (Energy Act of 2020, the bipartisan Infrastructure Investment and Jobs Act, and the Inflation Reduction Act), and support from scores of governments on every continent are helping set the private sector up for success to develop and deploy SMRs.  Most recently this momentum is illustrated by the inclusion of $900 million in new funding for the design, development, and deployment of Gen 3+ nuclear reactors in the U.S. as championed by Representative Chuck Fleishchmann , included in the 2024 U.S. Government funding bills. 

These partnerships are increasing certainty, enabling forward progress, and accelerating the ultimate energy security and decarbonization benefits that are long overdue. Importantly, they also enable a focus on economic development and workforce training associated with the next generation of nuclear energy. Goals and opportunities all identified in the recent U.S. Department of Energy (DOE) ’s Advanced Nuclear Liftoff Report.**

Third, GE Vernova is proud to be the first proof point for SMR technology with our BWRX.  The BWRX-300, which will be the first to enter commercial operation this decade, is focused on the concepts of simplicity and early deployment. As the 10th generation of our established boiling water reactor, it uses a well-known design with existing fuel and supply chains.  By deploying a common design, it will be modularized for rapid deployment globally for a variety of settings and uses.  And, beyond GE Vernova and our customers, it will be the critical proof point for showing that SMRs can play a consequential role in the EnergyTransition.

Last week’s summit only reinforces our conviction that this will be the Decade of Nuclear Energy.  The public/private support is now settled.  We have the innovation and technology in our sights.  Our focus in 2024 is on action and to make this moment matter.

Thank you to our colleagues at the Nuclear Energy Institute or their initiative in this impactful summit, including Carol Berrigan for her expert moderation, and John Podesta , Marisa Lago , Dr. Kathryn Huff , Enoh T. Ebong , and Ambassador Bonnie Jenkins and Ambassador Laura Holgate for their engagement and participation.

On a personal note, I’m proud to have been asked recently to join the Board of GE Hitachi Nuclear Energy .  I look forward to supporting the GEH team, led by Jay Wileman , to help enable their success for business, policy, and sustainability for this critical innovation and technology.

*https://www.energy.gov/articles/cop28-countries-launch-declaration-triple-nuclear-energy-capacity-2050-recognizing-key

**https://liftoff.energy.gov/advanced-nuclear/