Nuclear power has a unique opportunity to stage a comeback amid the global energy crisis, soaring fossil fuel prices, energy security challenges & increased climate ambitions
But whether this happens will depend on governments & industry
As things stand, advanced economies have lost their market leadership in nuclear power
Of the 31 nuclear reactors that started construction since 2017, all but 4 are Russian or Chinese designs
Reaching net zero emissions with less nuclear power than envisioned in the @IEA pathway would be harder and cost consumers $20 billion more a year to 2050
At the same time, deep nuclear cost reductions can open new opportunities to produce electricity, heat & hydrogen
Increased efforts to meet the world’s climate challenge have stimulated a burst of activity in small modular reactors (SMRs)
The lower costs, smaller size & reduced project risks of SMRs may improve social acceptance & attract more private investment versus large nuclear plants
To learn more about @IEA’s new report on Nuclear Power and Secure Energy Transitions, join our Director of Energy Markets & Security Keisuke Sadamori & me for our live launch event at 10:30 CEST ➡️ iea.li/3y25oc8
After the Age of Coal & Age of Oil, the world is moving rapidly into the Age of Electricity ⚡️
Electricity has recently grown 2x as fast as total energy demand. But from now to 2035, it's set to grow 6x as fast, driven by EVs, ACs, chips, AI & more
World Energy Outlook 2024 shows energy markets are set to shift in the 2nd half of the 2020s to relatively ample supplies of key fuels & technologies, albeit still marked by geopolitical risks
How governments & consumers react will have major consequences for energy & climate
A major @IEA report out today shows that the transition to net zero emissions would mean lower energy costs globally than if we continue on our current path
Scaling up clean technologies is good for affordability as well as for cutting emissions
@IEA Today’s energy system is failing to deliver affordable energy for all: many millions of people lack access to clean cooking & electricity
In advanced economies, the poorest households spend up to 25% of their income on home energy bills & transport fuel: iea.li/4cgPMnF
@IEA Today’s energy system is also not a stable one. The energy crisis caused by Russia slashing gas deliveries to Europe led to consumers around the world paying 20% more on average for energy than in past years.
Hardest hit were low-income households already struggling to pay bills
@IEA Batteries aren't just for powering your smartphone
In 2016, the energy sector accounted for around 50% of global demand for batteries, about the same share as electronic devices
By 2023, energy's share had risen above 90% - in a market 10 times the size: iea.li/3Jz7WEx
@IEA Thanks to the rapid decline of battery costs – 90% since 2010 – they're speeding up opportunities to cut emissions in road transport & electricity
In 2023:
Electric car sales rose to a record of almost 14 million
Battery storage deployment in the power sector more than doubled
@IEA Electric cars' growth this year builds on a record-breaking 2023, when sales soared by 35% to almost 14 million
Demand was largely concentrated in China, Europe & the US, but momentum is picking up in key emerging markets such as Viet Nam & Thailand ➡️ iea.li/3xNUUk0
@IEA Despite near-term challenges in some countries, new @IEA analysis sees the global electric car market gearing up for the next phase of growth
Under today's policy settings, nearly 1 in 3 cars on China's roads by 2030 is set to be electric & almost 1 in 5 in the US & EU
In the last 10 years, the CO2 intensity of global GDP has fallen 20%, thanks to both the improvement in energy efficiency and the decline in emissions intensity of global energy supply.
CO2 growth is therefore increasingly decoupling from GDP growth.