It has been a defining month for nuclear power's role in a net zero world. On the second day of the 28th United Nations Climate Change Conference (COP28) in the United Arab Emirates, the International Atomic Energy Agency (IAEA) announced its landmark Statement on Nuclear Power. This was the first time such an IAEA statement was issued.
The Declaration to Triple Nuclear Energy by 2050, endorsed by Canada and 21 other countries, was also launched at COP28.
The World Nuclear Exhibition—dubbed the industry's Super Bowl—was held in Paris in late November. New international agreements and projects were announced at the event, which included participation by Canada.
In mid-November the IAEA held its Symposium of the Deployment of Floating Nuclear Power Plants (FNPPs), which featured discussions on international legal and regulatory implications of this transformational energy source.
Here in Canada, Saskatchewan announced new funding for microreactor research and Alberta reiterated its pursuit of small modular reactors (SMRs).
A key part of the IAEA's Statement delivered at COP28 on December 1, 2023, was that "the goal of global net zero carbon emissions can only be reached by 2050 with swift, sustained and significant investment in nuclear energy."
The momentum for more nuclear power will continue into 2024 when the IAEA and Belgium jointly host the first-ever Nuclear Energy Summit in Brussels in March. The event will be the highest-level meeting to date exclusively focused on the topic of nuclear power.
On the first day of the World Nuclear Exhibition, Canada and France issued a joint statement on broad bilateral cooperation on nuclear energy. The countries pledged deeper cooperation in SMRs and large-scale nuclear technology, aimed at strengthening the nuclear supply chain and addressing issues regarding the long-term management of nuclear waste.
Day one of the Exhibition also saw:
The IAEA said that a dozen countries are expected to start producing electricity from nuclear power sources within the next few years.
The IAEA says interest is growing in installing SMRs on floating barges or platforms to provide clean electricity and heat for remote coastal locations, to decarbonize offshore oil and gas or mining activities, to provide grid scale electricity production, and potentially to support offshore clean hydrogen production. FNPPs can be built in a factory, assembled in a shipyard and transported to a site.
Russia has a FNPP in commercial operation in the country's far east. The Akademik Lomonosov has been producing electricity since 2020 and recently began its first refueling. ROSATOM—which operates the power plant—announced in June 2023 it will establish a joint venture with Russia's TSS Group to construct FNPPs for overseas markets. They are focusing on countries in the Middle East, Southeast Asia and Africa.
Canada's Prodigy Clean Energy and Oregon-based NuScale Power announced a new conceptual design for a FNPP in October 2022. Companies from Japan, Korea, the United Kingdom and Demark are currently developing and investing in FNPP projects.
At its Symposium of the Deployment of Floating Nuclear Power Plants, the IAEA said there are considerable legal and regulatory challenges that must be addressed if a truly international floating nuclear power market is to emerge. The mobility of FNPPs raises novel issues, particularly when they move across international borders or operate in international, rather than territorial, waters. The applicable licensing and regulatory processes would need to accommodate various scenarios, such as instances where a FNPP is built and commissioned in one jurisdiction and then transported to another jurisdiction before being placed in service. Canada's extensive experience in offshore energy infrastructure development may position it well to accommodate FNPPs in the future.
Nuclear safety and security were also discussed at the Symposium, including the extent to which the current standards and practices can, or cannot, be applied to FNPPs. One particular aspect of FNPPs that was identified as requiring further collaboration was the coordination and interfacing between nuclear proponents and the maritime industry (similar in some respects to requirements faced by the LNG industry in developing coastal projects).
On November 27, Saskatchewan announced $80 million in funding for microreactor research to better understand the technology and its potential in the province. The Saskatchewan Research Council will work with Westinghouse Electric Company, which will build the microreactor. It is expected to be operational by 2029.
In Alberta, Premier Danielle Smith reiterated that SMRs could play an important role in supplying new baseload power needed to ensure the reliability of the power system. Alberta continues to work with other provinces to develop SMR technology and regulatory and fiscal incentives.
Bennett Jones continues to track noteworthy developments in nuclear deployment and other net zero initiatives that have the potential to affect Canadian businesses and other local stakeholders. To discuss developments in the Canadian nuclear industry and the role of nuclear in a net zero world, please contact Luke Morrison or Jessica Kennedy.