COP29 Shines Spotlight on Nuclear Power as Key to Global Decarbonization Goals

The event explored innovative financing strategies for nuclear projects, with the European Bank for Reconstruction and Development (EBRD) highlighting its commitment to nuclear safety and environmental remediation.

Nuclear energy took centre stage at the United Nations Climate Change Conference (COP29) in Azerbaijan, as nations and industries presented bold plans to expand carbon-free energy technology. Building on the consensus at last year’s climate summit, where over 20 countries pledged to triple nuclear capacity, COP29 featured discussions on financing, new technologies, and nuclear’s role in achieving global decarbonization targets by 2050.

Financing the Nuclear Revolution

In a high-level event co-hosted by the COP29 Presidency and the International Atomic Energy Agency (IAEA), IAEA Director General Rafael Mariano Grossi emphasized the urgent need for capital to expand nuclear energy. “Finance institutions need to evolve with the changing demands of the market—and there’s a clear demand for and growing interest in nuclear,” Grossi stated. The event featured prominent speakers, including:

Parviz Shabazov, Minister of Energy, Azerbaijan

Fatih Birol, Executive Secretary, IEA

Tatiana Molcean, Executive Secretary, UNECE

Sama Bilbao y Leon, Director General, World Nuclear Association

The event explored innovative financing strategies for nuclear projects, with the European Bank for Reconstruction and Development (EBRD) highlighting its commitment to nuclear safety and environmental remediation.

Azerbaijan, the host country, announced a memorandum of understanding with the IAEA to explore nuclear energy’s potential role in its clean energy transition. “Azerbaijan sees opportunities for nuclear energy to be part of its energy mix in the future, as clean energy,” said Parviz Shabazov, Azerbaijan’s Minister of Energy.

Small Modular Reactors (SMRs): The Future of Nuclear Energy

The conference spotlighted Small Modular Reactors (SMRs) as a cost-effective and flexible nuclear solution. At a U.S.-IAEA co-organized event, speakers from Google, POSCO, and the U.S. Government discussed strategies to overcome regulatory and infrastructure challenges to accelerate SMR deployment.

Google revealed its partnership with Kairos Power to deploy 500 MW of SMR capacity by 2035, showcasing the private sector’s growing interest in nuclear technologies. The IAEA estimates that SMRs could make up 25% of new nuclear capacity by 2050, thanks to their modular design, reduced construction time, and versatility.

SMRs are particularly suited for:

Remote communities

Energy-intensive industries

Data centers

Developing countries

The U.S. announced plans to triple its nuclear capacity by 2050, including adding 200 GW through new reactors, uprating existing plants, and restarting retired ones.

Expanding Nuclear Power to New Markets

Expanding nuclear energy to new markets is critical for meeting global climate goals. Currently, 31 countries use nuclear power, with 30 newcomer countries exploring its adoption. Among them, Bangladesh, Egypt, and Türkiye are already constructing their first reactors.

Türkiye is a standout example, with four reactors under construction at its Akkuyu Nuclear Power Plant. “We plan to reach 20 GW of nuclear power,” said Abdullah Buğrahan Karaveli, President of Türkiye’s Energy, Nuclear and Mineral Research Agency (TENMAK). Türkiye also expressed interest in adopting SMRs to meet its growing energy demand.

Building Partnerships and Accelerating Deployment

COP29 also served as a platform for new partnerships and agreements. The IAEA signed several cooperative frameworks, including:

IRENA: Joint missions and energy planning.

LinkedIn: Capacity-building in nuclear sector workforce development.

EBRD: Collaboration on nuclear safety and decommissioning.

As the global community strives to meet its 2050 net-zero targets, nuclear energy remains a cornerstone of decarbonization strategies. Events at COP29 reaffirmed the vital role of nuclear power in achieving these ambitious goals while fostering innovation, collaboration, and financial investment.