"Carbon Neutrality Requires Nuclear Power"… IAEA Raises Nuclear Power Generation Forecast for 2050

"Importance of Nuclear Power in Reducing Carbon Emissions... Innovation Needed in Hydrogen Production Using Nuclear Plants and Small Modular Reactor Technology"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Suhwan, Sejong=Reporter Kwon Haeyoung] The International Atomic Energy Agency (IAEA) has raised its potential growth forecast for global nuclear power generation in 2050 for the first time in 10 years. The IAEA emphasized that nuclear power is essential for achieving a carbon-neutral society, noting that countries around the world are expected to increase nuclear power generation to respond to climate change. The Moon Jae-in administration's nuclear phase-out policy is expected to come under scrutiny once again.

On the 16th (local time), the IAEA announced in a report that nuclear power capacity in 2050 could reach up to 792 GW (gigawatts). This is about double last year's 393 GW and approximately 10% higher than the previous forecast of 715 GW. According to the IAEA, if nuclear power capacity increases as projected, the share of nuclear power in global electricity generation will rise from 10% last year to 12% in 2050. This is the first upward revision of the forecast since the Fukushima nuclear accident in Japan 10 years ago.

The IAEA explained, "As countries worldwide replace fossil fuels with other energy sources to overcome climate change, we have adjusted our forecast," adding, "This reflects the importance of nuclear power in reducing (greenhouse gas) emissions during electricity production."

The IAEA stressed that innovation in nuclear technology is essential to achieve carbon neutrality and that technologies such as hydrogen production using nuclear power and small modular reactors must be introduced. The IAEA stated that global electricity production is expected to double over the next 30 years, and nuclear power generation must increase accordingly. In particular, since two-thirds of the world's reactors have been operating for more than 30 years, the IAEA emphasized that more nuclear power plants need to be constructed to replace aging reactors.

Professor Jeong Dongwook of the Department of Energy Systems Engineering at Chung-Ang University advised, "The forecast for the global nuclear power market size will continue to be revised upward. Korea should also restore trust in nuclear power based on its advanced nuclear technology and actively utilize safer and more economical nuclear technologies to achieve carbon neutrality."