The international Atomic Energy Agency IAEA has recently published the 2024 version of the Climate Change Nuclear power report urging the world to double down the attempts to invest in nuclear power for sufficient capacity for emission reduction. The report was released at the latest Clean Energy Ministerial held in Brazil and has underscored the increasing global focus to nuclear energy that would go a long way in boosting energy security and making economies lean for carbon.
Key Highlights of the Report
Increased Investment Required:
- To meet the IAEA's high case nuclear capacity, the research states that worldwide nuclear power investment must rise substantially from the present $50 billion annually to $125 billion by 2050.
- While 2 countries committed to achieving the larger target of the tripling of nuclear capacity, the annual investment needs would reach $150 billion of such capacity.
IDB and other Actors:
- IAEA Director General Rafael Mariano Grossi focused the attention on the necessity for private investors and cooperation with multilateral development banks in order to provide developing countries with financing opportunities to support nuclear power projects.
- The report explore how to mobilise private sector finance, pointing out that 14 leading financial institutions have declared they would be willing to support the financing of new nuclear construction projects.
Affordability and Cost Competitiveness:
- According to Grossi nuclear generators stations require high initial investments but are cheap in the sense that they provide cheap electricity over a period of nearly one hundred years.
- Thus, the emphasis is made on the need for policy change, the development of international cooperation, and the creation of proper legislation for nuclear development and to provide for the shift to clean energy sources.
Support for Clean Energy Transitions:
- Head of the CEM Secretariat, Jean-François Garnier emphasised on Financing nuclear growth is instrumental in helping make clean energy–nuclear energy affordable, desirable and available for all.
- The report was presented at a side event jointly organized by the IAEA and the CEM's Nuclear Innovation: Clean Energy Future (NICE) initiative which primarily aimed to provide actionable policy actions that can drive clean energy transitions.
Global Collaboration and Policy Reform:
- According to the report, there is need for strong global support, integrated approaches to mobilize finance and cooperate in eliminating both climate and development challenges.
- It emphasizes the need for Commercial and Small Modular Reactor and efficiency nuclear power to fit in sustainable financing schemes including EU Green taxonomy.
What is net-zero emission by 2050?
Unlike the United States goal of a completely carbon-free electric system by 2040, many countries, organizations, and businesses have set goals to achieve net-zero emission by 2050 which refers to the amount of greenhouse gases that enter the environment reduced by amount the same level of emissions eliminated through carbon offset or capture and storage, making the carbon footprint effectively zero by the year 2050.
Key Points:
- Reduction of Emissions: To attain a net-zero, there is a need to drastically cut the amount of emissions generated by these sectors including but not limited to fossil fuels, industry, farming, and transport.
- Carbon Removal: It also includes the use of technology and the atmospheric absorption of carbon dioxide via natural processes. This can include afforestation, restoring soils and carbon farming and technologies such as direct air capture.
- Offsetting: Where it is impossible to get rid of emissions completely, the decoupling can be achieved through buying and supporting other renewable projects such as the carbon credits, investments in green technologies and other renewable projects.
Global Initiatives
Today, different global activities are being developed that would allow reaching the net-zero emissions by 2050. Here are some key efforts:
- Paris Agreement: This accord, which was approved in Paris in December 2015, aims to prevent global temperature from rising over 2°C, with an ideal increase of 1.5°C above the pre-industrial record. Nations have to declare their own nationally determined contributions where they highlight their targets towards emission cuts and climate risk rise management.
- UN Global Roadmap: to achieve net zero by 2050. Some of these targets are no new coal power plants after 2021, doubling the renewable energy and energy efficiency investments by 2025 and thereby assisting in building 300 million new jobs in by 2025.
- International Energy Agency (IEA) Roadmap: Information from the IEA’s Net Zero by 2050 is perhaps one of the best overviews of where the global energy sector needs to be in regard to the net-zero emissions target. Within it emphasizes the need to ‘go big’ on clean energy technologies including Renewables, Electric Vehicles and Energy Efficient buildings.
- Science Based Targets initiative (SBTi): This initiative assists organisations to develop and achieve science-based targets for reducing emissions compatible with the Paris Agreement. Science-based targets have now been taken on by over 1000 organizations who are working to fight climate change and help the world reach net-zero emissions.
- Global Methane Pledge: Introduced at the latest United Nations Climate Change Conference, this programme’s goal is to cut the global methane emission rate by at least one-third by the end of the current decade. That is why the reduction of methane emissions is quite important on the way to net-zero targets since methane is further contributing to the greenhouse effect.
- RE100: This is a global effort that seeks to engage strategic market players interested in 100% renewable electricity. All these companies help the entire world in the fight against carbon emissions by moving to renewable energy production.
All these have been made to and many other manifestations of the keen interest the world has put to attaining net-zero emissions by the year 2050. The realization of this ambitious goal requires cross-cutting cooperation and partnership between sectors and countries.
India and Net-zero emission
While India posited itself as part of climate vulnerable countries, it committed to attaining net-zero emissions by 2070. Declared by PM Modi of India at the COP-26 in 2021. Based on this analysis it could be suggested that India’s net Zero emission plan is achievable with little more stress on the Indian economy and society. Although this target is later than those proposed in 2050, which most other nations have pledged, it constitutes a significant contribution from India, which is an active emitter of carbon dioxide globally.
India's pledge is part of a broader set of climate commitments known as the Panchamrit (Five Nectars), which include:
- renewable source 500 GW by 2030.
- Meeting half of its energy demands rely on renewable sources of power by the year 2030.
- Collectively preventing an additional one billion tonnes of carbon emissions from being released into atmosphere between now and 2030.
- A carbon intensity reduction by the stipulated level of 45% for the economy by 2030.
- Decreasing the value to zero emissions by the year 2070.
India has called for developed countries to provide funds for climate finance and technology to help it to implement climate measures. The country also strongly coordinates the principle of deep de-carbonisation for achieving the equitable share of the global carbon budget. Its strategy is in between its commitment to climate change and its desire to grow economically and transform to a cleaner development.
India is also undertaking a multitude of measures to ensure that it will attain its net-zero emissions plan by 2070. Here are some key initiatives:
- Renewable Energy Expansion: India has set ambitious targets to achieve an installed capacity of non –fossil fuel energy to 500 GW by 2030. This involves a huge commitment to the purchase of natural resources for instance, solar power, wind power and hydro-electric power.
- Carbon Emission Reduction: India has pledged to cut its total anticipated carbon output by one billion tonnes between now and 2030. This involves the move of power generation from coal and other fossil based sources of energy.
- Energy Efficiency: The country’s main strategy at the moment is on energy management within specific segments like the construction, the transport and the industrial.
- Low-Carbon Development: India is pursuing the formulation of low carbon plans to address its electricity systems, transport and industrial solutions. This cuts across utilization of renewable power, encouraging use of electric cars, and controlling emissions through production processes.
- International Collaboration: India is a signatory to many global climate treaties and expecting debt relief and technological assistance from the developed countries towards its low carbon development.
- Policy Reforms: The government is reforming policies in order to support clean energy investment and provide balanced transition for all the parties.
These measures show that India has a concern over climate change and its developmental requirements of a fast developing economy. The transition to net-zero is not an easy task, however, efforts to climate change with cooperative international initiatives will ensure India meets its climatic goals.
International Atomic Energy Agency
The IAEA is the universal actor in nuclear industry since it helps states to use nuclear energy for peaceful purposes and at the same time, to guarantee and prevent any misuse of nuclear energy. Set up in 1957. It’s an organ of UN.
Key Functions and Missions:
- Peaceful Uses of Nuclear Energy: The IAEA works with countries to acquire nuclear technology for the freezing application of generating electricity, curing sicknesses, enhancing agricultural productivity, etc.
- Nuclear Safety and Security: An association specializing in setting International nuclear safety standards and procedures to be followed in case of safe use of nuclear facility. It also strives to check dissemination of nuclear weapons as well as terrorism through establishment of measures to protect nuclear materials.
- Technical Cooperation: The IAEA plays the role of a neutral coordinator of the technical cooperation among the member states for training, technical support and other helps to solve the development issues associated with the nuclear technology.
- Research and Development: It is involved in carrying out research in nuclear science and technology and contributes to progression of technologies in areas such as medical, food and environment.
Recent Initiatives:
- Atoms4Food: To promote the use of nuclear techniques in improving food security and nutrition this effort has been developed in collaboration with the FAO.
- Rays of Hope: A program concerned with the cancer care disparities in the lower and middle-income countries and give better treatments for Cancer.
- NUTEC Plastics: A campaign against world plastic scandal, achieved by implementing nuclear solutions.
- Zoonotic Disease Integrated Action (ZODIAC): A program aimed at the identification and early outbreak prevention of future pandemics based on a better understanding of zoonotic diseases.
Global Impact:
The IAEA has a great role in various aspects of the society including health, energy and environment. That is why the agency supports the safe and secure utilization of nuclear technology and effectively contributes to solving the main global problems, including climate change, famine, and the spread of diseases.