Establish policy frameworks for nuclear power to reduce investment risk, enable financing and support innovation, while ensuring efficient and independent safety regulations
The following measures could be taken by governments to help advance nuclear electricity in support of clean energy transitions:
- Strengthen policy frameworks to systematically de-risk investment in low-emission projects, including nuclear power. Financing costs represent a large share of the total cost of nuclear power and other low-emission technologies. Policy measures to reduce the cost of capital present opportunities to reduce final costs to consumers throughout energy transitions.
- Support SMR demonstration projects with direct measures for financing, in particular addressing construction risks for first units, but also targeted at investment in essential fuel supply and R&D capabilities, talent and the development of licensing frameworks.
- Review national and international decarbonisation pathways in the light of technological progress for nuclear power, including SMRs, also considering new applications in sectors with hard-to-abate emissions.
- Promote efficient and effective safety regulation. Appropriate waste management and nuclear plant safety regulations remain crucial aspects of ensuring that safe nuclear power generation continues. This requires regulators to have the resources and skills needed to review new projects and develop harmonised safety criteria for new designs. By engaging with both developers and the public, they can ensure that licensing requirements are clearly communicated to all parties.