First-ever Nuclear Energy Summit hosted by Belgium

First-ever Nuclear Energy Summit hosted by Belgium 

Context: Recently Brussels, Belgium, hosted the inaugural Nuclear Energy Summit, emphasizing nuclear energys climate change role.

Key Highlights of the nuclear summit: 
• Organized by the International Atomic Energy Agency (IAEA) and Belgium, the first-ever Nuclear Energy Summit aimed to address global challenges by reducing fossil fuel usage, enhancing energy security, and boosting economic development.
• Following the triple nuclear pledge by 2050 and historic inclusion of nuclear energy in the Global Stocktake at COP 28, the summit focused on accelerating the deployment of nuclear energy alongside other low-carbon sources.
• Coinciding with the summit was the launch of IAEAs Atoms4NetZero initiative, emphasizing nuclear energys role in the transition to clean energy. Additionally, 
the Atoms4Climate initiative highlighted nuclear energys contribution to climate change mitigation and adaptation.
• The summit emphasized capacity building for project execution in countries initiating nuclear energy development, ensuring efficient resource use and support for nuclear projects. Strategies to increase project bankability and international collaboration on licensing frameworks were also discussed.
• Managing spent nuclear fuel and workforce development were underscored as critical aspects of nuclear energys contribution to a clean energy transition. Nuclear powers lower carbon emissions, energy security, and potential to fulfill Sustainable Development Goal 7 were highlighted.
• With lower life cycle emissions, perennial availability, and significant contributions to decarbonization efforts, nuclear energy stands as a key player in combatting climate change. Advancements in nuclear technology address safety concerns, enhancing risk management practices associated with nuclear energy.

India’s Role in Nuclear Energy:
• India, with 23 operational nuclear reactors, acknowledges nuclear energys role in its decarbonization plan.
• Committing to achieving Net Zero emissions by 2070, as announced at COP26 in Glasgow.
• Plans to triple nuclear power generation by 2030 and secure a significant share in the electricity mix by 2047.
• The Tarapur Atomic Power Station, located in Maharashtra, is Indias oldest nuclear power plant, offering energy at competitive rates.
• The Kudankulam Nuclear Power Plant in Tamil Nadu provides electricity at tariffs comparable to coal-fired plants.

Challenges with nuclear energy:
• Safety concerns have heightened after incidents like the Fukushima disaster in 2011, impacting public perception and investment in nuclear energy.
• The decrease in operational nuclear reactors over the past two decades indicates limited growth in the nuclear energy sector.
• Nuclear power requires significant upfront investment and has high operational costs compared to other forms of electricity generation.
• Multilateral Development Banks (MDBs) and private investors have not made significant contributions due to fund deficits.
• Heavy regulations in the nuclear sector can slow down construction and operation of new reactors.
• Unlike renewable energy sources, nuclear technology has not seen breakthroughs that significantly lower costs or speed up deployment.
• Small Modular Reactors (SMRs) show promise but face barriers to deployment and are not widely adopted yet.