What a power week for nuclear!
Let’s have a look at the global momentum with some of the biggest developments for nuclear energy in the past months and years 🧵(1of5)
We’re witnessing a major shift in global energy policy – and nuclear is right at the center. After the landmark pledge at COP28 to triple global nuclear capacity by 2050, many thought we’d hit peak nuclear hype. But a quiet revolution is underway.
A growing majority of industrial nations are now gearing up for new nuclear – large-scale, long-term, and strategic investments and decisions. Here’s a quick (and highly selective!) overview of recent events around the world:
🌍 Global momentum
At COP28, over 20 countries pledged to triple nuclear power by 2050. That number has now grown to more than 30. Last fall I spoke at a conference in New York where 14 major banks and financial institutions – incl. Bank of America, Morgan Stanley & Goldman Sachs – announced their commitment to financing the expansion of nuclear energy.
While visiting Japan this winter I witnessed renewed political support for nuclear. They’ve just approved their first reactor restart in four years.
South Korea has started building two new reactors, with plans for two more by 2038.
Nuclear energy set a global production record in 2024, despite premature shutdowns in the 2010s and early 2020s in countries like Germany, Japan, Sweden, France, and the US.
Let’s have a look at the global momentum with some of the biggest developments for nuclear energy in the past months and years 🧵(1of5)
We’re witnessing a major shift in global energy policy – and nuclear is right at the center. After the landmark pledge at COP28 to triple global nuclear capacity by 2050, many thought we’d hit peak nuclear hype. But a quiet revolution is underway.
A growing majority of industrial nations are now gearing up for new nuclear – large-scale, long-term, and strategic investments and decisions. Here’s a quick (and highly selective!) overview of recent events around the world:
🌍 Global momentum
At COP28, over 20 countries pledged to triple nuclear power by 2050. That number has now grown to more than 30. Last fall I spoke at a conference in New York where 14 major banks and financial institutions – incl. Bank of America, Morgan Stanley & Goldman Sachs – announced their commitment to financing the expansion of nuclear energy.
While visiting Japan this winter I witnessed renewed political support for nuclear. They’ve just approved their first reactor restart in four years.
South Korea has started building two new reactors, with plans for two more by 2038.
Nuclear energy set a global production record in 2024, despite premature shutdowns in the 2010s and early 2020s in countries like Germany, Japan, Sweden, France, and the US.
🇪🇺 Europe in motion
Yesterday, newly appointed German Chancellor Friedrich Merz and French President Emmanuel Macron signaled a new joint vision for energy policy: A tech-neutral EU with no discrimination against any fossil-free energy sources – including nuclear – with a renewed focus on competitiveness and security of supply.
The European Nuclear Alliance – launched under the Swedish EU Presidency – has grown to 16 member states. That’s a majority of EU countries now openly supporting nuclear power. Public support is also strong: 56% of EU citizens now say nuclear power positively impacts their lives. The European Investment Bank (EIB) is now opening the door to nuclear funding, starting with backing Urenco’s expansion.
15 EU countries are actively pursuing new builds – from construction/preparations (France, Poland, Czechia) to feasibility studies (Sweden, Estonia, Finland).
Despite an on-going invasion, Ukraine has begun preparing new nuclear projects – including groundwork for new reactors.
The UK is expected to make final decisions in 2025 on both Sizewell C financing and its national SMR strategy. 🧵(2of5)
Yesterday, newly appointed German Chancellor Friedrich Merz and French President Emmanuel Macron signaled a new joint vision for energy policy: A tech-neutral EU with no discrimination against any fossil-free energy sources – including nuclear – with a renewed focus on competitiveness and security of supply.
The European Nuclear Alliance – launched under the Swedish EU Presidency – has grown to 16 member states. That’s a majority of EU countries now openly supporting nuclear power. Public support is also strong: 56% of EU citizens now say nuclear power positively impacts their lives. The European Investment Bank (EIB) is now opening the door to nuclear funding, starting with backing Urenco’s expansion.
15 EU countries are actively pursuing new builds – from construction/preparations (France, Poland, Czechia) to feasibility studies (Sweden, Estonia, Finland).
Despite an on-going invasion, Ukraine has begun preparing new nuclear projects – including groundwork for new reactors.
The UK is expected to make final decisions in 2025 on both Sizewell C financing and its national SMR strategy. 🧵(2of5)
🇺🇸🇨🇦 North America’s push
In the US, nuclear is getting support from both the federal level and individual states. Texas is investing $2B to become a hub for new nuclear. Michigan’s Palisades plant is on track to be the first prematurely closed reactor to restart. Small and microreactor projects are moving ahead – civilian and military. The Pentagon’s Project Pele (mobile microreactors for military bases) is already under construction.
Canada has committed tens of billions to extend the life of its CANDU fleet. Yesterday, OPG announced the final investment decision for North America’s first grid-connected SMR – on track for 2029 if all goes to plan. 🧵(3of5)
In the US, nuclear is getting support from both the federal level and individual states. Texas is investing $2B to become a hub for new nuclear. Michigan’s Palisades plant is on track to be the first prematurely closed reactor to restart. Small and microreactor projects are moving ahead – civilian and military. The Pentagon’s Project Pele (mobile microreactors for military bases) is already under construction.
Canada has committed tens of billions to extend the life of its CANDU fleet. Yesterday, OPG announced the final investment decision for North America’s first grid-connected SMR – on track for 2029 if all goes to plan. 🧵(3of5)
🇩🇰🇫🇮🇳🇴🇪🇪 Nordics & Baltics stepping up
Denmark is reconsidering its decades-long nuclear ban. Danish PM, social democrat Mette Frederiksen, has signaled openness, and a €350M investment fund has launched with backing from major firms like Novo Nordisk.
Finland and Estonia are planning new reactors – including for district heating and SMRs. Sweden’s Vattenfall is a shareholder in Estonian startup Fermi Energia.
Norway has launched a government inquiry and tasked multiple government agencies with preparing for environmental permitting of new SMRs. 🧵(4of5)
Denmark is reconsidering its decades-long nuclear ban. Danish PM, social democrat Mette Frederiksen, has signaled openness, and a €350M investment fund has launched with backing from major firms like Novo Nordisk.
Finland and Estonia are planning new reactors – including for district heating and SMRs. Sweden’s Vattenfall is a shareholder in Estonian startup Fermi Energia.
Norway has launched a government inquiry and tasked multiple government agencies with preparing for environmental permitting of new SMRs. 🧵(4of5)
🇨🇳 China leads on pace
China has already approved 10 new reactors this year. In fact, this is the 4th year in a row Chines regulators have kept to their promise to approve "8-10" units a year. With 11 reactors approved last year, China now exceeds its target of 8–10 reactor approvals annually.
🇸🇪 And in Sweden?
Investor interest is high – both from domestic companies and international investors. The government has taken about 50 actions to accelerate new builds, including regulatory reforms and a major financing bill now before parliament.
🧭 In summary
We’re in the middle of a global nuclear race. The question is no longer for or against –but how fast and how much.
Our climate goals, energy security, and industrial competitiveness are at stake.
Sweden is in the game – but we can’t afford to lose a second if we want to keep pace with the rest of the world.
🧵(5of5) And with this thread I wish you a happy Friday and a pleasant weekend! Cheers from Uppsala, Sweden.
China has already approved 10 new reactors this year. In fact, this is the 4th year in a row Chines regulators have kept to their promise to approve "8-10" units a year. With 11 reactors approved last year, China now exceeds its target of 8–10 reactor approvals annually.
🇸🇪 And in Sweden?
Investor interest is high – both from domestic companies and international investors. The government has taken about 50 actions to accelerate new builds, including regulatory reforms and a major financing bill now before parliament.
🧭 In summary
We’re in the middle of a global nuclear race. The question is no longer for or against –but how fast and how much.
Our climate goals, energy security, and industrial competitiveness are at stake.
Sweden is in the game – but we can’t afford to lose a second if we want to keep pace with the rest of the world.
🧵(5of5) And with this thread I wish you a happy Friday and a pleasant weekend! Cheers from Uppsala, Sweden.
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