“We’ve signed agreements to help develop new nuclear energy projects in the US — including enabling the construction of new Small Modular Reactors (SMRs). These advanced nuclear reactors have a smaller physical footprint and can be built more quickly, allowing them to come online sooner.”
The IEA is optimistic that with adequate support, SMR installations could reach an 80 GW capacity by 2040, representing 10% of global nuclear capacity.
However, this ambitious growth necessitates doubling the yearly investment in nuclear projects to US$120bn by 2030.
Nomi Ahmad, CEO of GE Vernova’s Financial Services business, says: “Private finance will play a pivotal role in getting future nuclear projects off the ground. By working with regulators, governments, industry, and investors to develop smarter funding approaches, we can overcome cost and schedule challenges, share risks, and accelerate progress.