BRUSSELS - Leaders from pro-nuclear European countries and energy experts called for a nuclear energy revival on Thursday at a summit in Brussels, seeking to rebuild the European industry after years of gradual decline.The political push to expand nuclear - a low-carbon energy source - is part of the drive to meet Europe's ambitious climate targets. But it faces headwinds including a lack of investment and cost overruns and delays that have plagued recent projects.
But the need to find alternatives to Russian gas following Moscow's invasion of Ukraine in 2022 and the European Union's commitment to cut net greenhouse gas emissions 55% by 2030 has renewed interest in nuclear power. In a joint statement, countries committed"to work to fully unlock the potential of nuclear energy by taking measures such as enabling conditions to support and competitively finance the lifetime extension of existing nuclear reactors".
Grossi told the conference that since the COP 28 climate conference, most countries now agreed that nuclear was part of the solution, which should help secure funding. "There is no lack of private financing. Quite the contrary, what lacks is the right circumstances to get private financing going and a multilateral bank should be a lever to multiply investment," he said.