Kenya, Nigeria, Kosovo, El Salvador, Kazakhstan, and Türkiye have joined 25 other countries in endorsing the declaration to triple global nuclear energy capacity by 2050, World Nuclear Association director-general Dr Sama Bilbao y León has announced.
Speaking at the ongoing world climate meet (COP29) in Baku, Azerbaijan during the World Climate Action Summit by ministers and high-level officials, Dr León welcomed the six to what he described as the ‘coalition of the ambitious’.
“Today's announcement highlights the essential role of nuclear energy in meeting the Paris Agreement goals in a cost-effective and equitable manner. Leadership requires a clear-eyed assessment of the here and now, but also the foresight to prepare for what the world will need not only in 2050, but in the decades after,” he said.
Kenya joins after last year’s recognition of nuclear energy during COP28—the first time in a major Conference of Parties (COP) —among the solutions needed to keep the 1.5-degree goal within reach which was part of 2023’s Global Stocktake under the Paris Agreement.
The addition of six countries also comes after in March this year, the International Atomic Energy Agency (IAEA) and Belgium co-chaired the first Nuclear Energy Summit in which countries highlighted the role of nuclear energy in reducing the use of fossil fuels, enhancing energy security, and boosting economic development.
The announcement comes after the declaration was signed at the COP28 UN climate change conference in Dubai last year as well as after the US last week issued a ‘roadmap’ outlining plans for the deployment of 200 GW of nuclear capacity by 2050.
Unlike fossil fuels, (gas, coal and oil), which are sources of carbon dioxide, nuclear power is a low-carbon energy and is considered a fissile energy (one that results from the fission of atoms within the nuclear reactor, which produces a powerful chain reaction that can be used to supply the power grid continuously).
Three months ago, at New York Climate Week, 14 of the world’s largest banks and financial institutions from five countries signaled their support for tripling global nuclear capacity.
While lauding Kenya’s efforts on matters of clean energy Ali Mohammed, the special envoy on climate change at the Office of the President of the Republic of Kenya who is also the Africa Group of Negotiators chair said that the country is ‘open to transitioning away from fossil fuels’.
“Up to 95 percent of our energy is renewable and we are committed to have our energy systems 100 per cent clean by 2030,” Mr Ali told Nation in an exclusive interview.
The institutions include Abu Dhabi Commercial Bank, Ares Management, Bank of America, Barclays, BNP Paribas, Brookfield, Citi, Credit Agricole CIB, Goldman Sachs, Guggenheim Securities LLC, Morgan Stanley, Rothschild & Co., Segra Capital Management, and Societe Generale.
“Now we need to see today's commitment translate to changes in lending policies and greater access for nuclear to sustainable finance mechanisms. Nuclear offers investors long term returns and a means of tackling the world's urgent and growing need for abundant, affordable, 24/7 clean energy,” Dr León then said.
According to the director general, nuclear can now count on the world’s biggest banks to back the growth of the nuclear industry as it has attracted the interest and investment of the world’s largest and most advanced technology companies.
“And nuclear has ever-increasing support from the public, who recognize that in nuclear they have an answer to their demands for energy security, reliable supply and prices, and a response to climate change.
This is truly a global coalition of the ambitious, and thank you all for being part of it,” Dr León observed during the event that was co-organised by the COP29 Presidency, the International Atomic Energy Agency, the United States of America and World Nuclear Association.
The other 25 countries include Armenia, Bulgaria, Canada, Croatia, Czech Republic, Finland, France, Ghana, Hungary, Jamaica, Japan, Republic of Korea, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Slovakia, Slovenia, Sweden, Ukraine, United Arab Emirates, United Kingdom, and the United States of America (US).
This means that the 31 countries have pledged to work together to advance a global aspirational goal of tripling nuclear energy capacity from 2020 by 2050 while recognizing the different domestic circumstances of each participant.
They have also committed to take domestic actions to ensure nuclear power plants are operated responsibly and in line with the highest standards of safety, sustainability, security, and non-proliferation, and that fuel waste is responsibly managed for the long term. Kenya and 30 others also commit to mobilise investments in nuclear power.
“Including through innovative financing mechanisms, inviting shareholders of the World Bank, international financial institutions, and regional development banks to encourage the inclusion of nuclear energy in their organizations’ energy lending policies as needed, and to actively support nuclear power when they have such a mandate, and encourage regional bodies that have the mandate to do so to consider providing financial support to nuclear energy,” the declaration the country signed states.
“Commit to supporting the development and construction of nuclear reactors, such as small modular and other advanced reactors for power generation as well as wider industrial applications for decarbonization, such as for hydrogen or synthetic fuels production.
Recognise the importance of promoting resilient supply chains, including of fuel, for safe and secure technologies used by nuclear power plants over their full life cycles,” the declaration further states while recognising what it describes as the importance of promoting resilient supply chains, including of fuel, for safe and secure technologies used by nuclear power plants over their full life cycles.
While lauding Kenya’s efforts on matters of clean energy Ali Mohammed, the special envoy on climate change at the Office of the President of the Republic of Kenya who is also the Africa Group of Negotiators (AGN) chair said that the country is ‘open to transitioning away from fossil fuels.
“One of the first things that President William Ruto did when he took office was to do away with fossil fuel subsidies, a very bold action by a developing country that was going through financial distress.
Up to 95 percent of our energy is renewable and we are committed to have our energy systems 100 per cent clean by 2030,” Mr Ali told Nation in an exclusive interview.
“The proposed fossil fuel non-proliferation treaty (FFNPT) is a treaty that is being pushed by just a few countries currently and we will be open to have discussions because it is not a continental or global treaty but an initiative that is being led by a few countries. We will be engaging as necessary,” the AGN chair said.
In an interview on the sidelines of COP29, Harjeet Singh the global engagement director at FFNPT reminded that Africa is grappling with an energy crisis and 600 million people still do not have access to electricity while millions cannot access clean cooking.
“However we also see that more fossil fuel investments are still happening in Africa which means that the continent is missing out on the transition required and the kind of resources that have to go to Africa.
This is why as global south we are demanding that the new climate finance goal has to be ambitious and at least 1.3 trillion,” he told Nation.