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The International Energy Agency (IEA) has outlined that nuclear power can help countries in securing energy transitions.
In its report titled "Nuclear Power and Secure Energy Transitions: From Today's Challenges to Tomorrow's Clean Energy Systems," the IEA on Thursday said that nuclear power can "reduce reliance on imported fossil fuels, cut carbon dioxide emissions and enable electricity systems to integrate higher shares of solar and wind power".
Without nuclear power, the costs and complications for building systems for energy transitions are important, the IEA noted.
A total of 32 countries have nuclear plants and nuclear power is the second largest source of low emissions power after hydropower, the IEA said.
According to the IEA, with the peak of oil, gas and electricity prices, nuclear power is "likely to be further stimulated," Xinhua news agency reported.
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"In today's context of the global energy crisis, skyrocketing fossil fuel prices, energy security challenges and ambitious climate commitments, I believe nuclear power has a unique opportunity to stage a comeback," IEA Executive Director Fatih Birol said in the press release.
In order to achieve Net Zero Emissions by 2050, construction of new nuclear plants are "needed in all countries that are open to the technology".
Government financing and investments must support nuclear power in order to deliver projects below cost, the IEA added.
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
