Nuclear Energy Summit in Brussels

This article covers ‘Daily Current Affairs’ and the topic details of ”Nuclear Energy Summit”. This topic is relevant in the “International Relations” section of the UPSC CSE exam.

Why in the News?

The Prime Minister of Belgium, Alexander De Croo, and the Director General of the International Atomic Energy Agency (IAEA), Rafael Mariano Grossi, co-chaired the first Nuclear Energy Summit held in Brussels on March 21.

About Nuclear Energy Summit

The first Nuclear Energy Summit, held in Brussels on March 21-22, 2024, marked a significant step forward for clean energy. This summit stemmed from a collaborative effort between the International Atomic Energy Agency’s (IAEA) program, Atoms4NetZero, which directly supports member states in harnessing nuclear energy for net-zero transitions.

• Atoms4NetZero: Launched at COP27, Atoms4NetZero equips decision-makers with data-driven energy scenario modelling. This initiative embodies the spirit of multilateral decarbonisation efforts, recognising the crucial role of nuclear energy alongside other renewable sources.

• The Urgency for Nuclear Energy: The 2023 UN Climate Change Conference (COP28) in Dubai solidified the critical need for nuclear energy. A declaration signed by 22 world leaders emphasised the need to triple atomic capacity by 2050. This urgency stems from nuclear power’s exceptional capabilities:

• Unmatched Carbon Reduction: Nuclear power boasts a carbon footprint four times lower than solar farms and other renewables like wind, hydropower, and geothermal.

• Reliable Baseload Power: Unlike weather-dependent renewables, nuclear plants deliver uninterrupted energy, making them a vital component of a robust renewable energy mix.

• Economic and Land-Use Efficiency: Nuclear power plants offer lower operating costs, a smaller land footprint, and a longer lifespan compared to most other renewable energy sources.

Key Themes of the Summit

Nuclear Energy for Net-Zero: The summit aimed to reaffirm the commitment of participating nations to leveraging nuclear power as a clean and reliable source of energy in achieving net-zero emissions targets. Discussions focused on integrating nuclear energy into national energy mixes alongside renewables, fostering international cooperation on research and development, and ensuring the safe and secure operation of nuclear facilities.

Socio-Economic Benefits: Beyond climate change mitigation, the summit explored the broader socio-economic benefits of nuclear energy. These include job creation in the nuclear industry, energy security through reduced dependence on fossil fuels, and potential applications in areas like desalination and medical isotope production.

Addressing Public Concerns: The summit acknowledged the public’s lingering anxieties surrounding nuclear safety and waste disposal. Leaders emphasised the importance of transparency, robust regulatory frameworks, and effective communication strategies to build public trust in nuclear technology.

Financing and Investment:  A crucial aspect of the discussions involved mobilising financing and attracting private investment for new nuclear projects. The summit explored innovative financing models and the role of multilateral organisations like the IAEA in facilitating investment flows towards safe and sustainable nuclear energy projects.

Potential Outcomes and Challenges

The success of the Nuclear Energy Summit will depend on translating its pronouncements into concrete action. Here are some potential outcomes and the challenges that need to be addressed:

• Renewed International Cooperation: The summit could foster closer collaboration between nations on sharing best practices, technology transfer, and joint ventures in nuclear energy development. However, overcoming geopolitical rivalries and ensuring non-proliferation safeguards remain critical considerations.
• Technological Innovation: Advancing nuclear technologies like small modular reactors (SMRs) could address concerns about scalability and cost-effectiveness. Nevertheless, research and development efforts require sustained funding and international collaboration.
• Waste Management Solutions:  Developing safe and long-term solutions for radioactive waste disposal remains a major concern. Continued investment in research on geological repositories and exploring alternative fuel cycles that minimise waste generation are essential.
• Public Acceptance: Rebuilding public trust in nuclear energy necessitates addressing safety concerns effectively. Open communication, robust safety regulations, and a clear commitment to transparency are crucial.

Financing Nuclear Power

Building nuclear plants is expensive. But what if a group of investors, like energy companies or factories, joined forces?

• The Cooperative Model: Sharing the Burden: This model allows multiple investors to borrow money and share the responsibility for building and running a power plant. Think of it like a team effort, with everyone chipping in.

• Finland’s successful “Mankala model” demonstrates the power of cooperation- 

1. Companies co-own the plant, sharing construction and running costs.
2. No one gets extra profits, but everyone gets clean energy at a fair price based on their investment.

• Benefits of Cooperation: This approach spreads the risk, simplifies project management, and allows companies to focus on clean energy production, not profit. By working together, more countries can afford nuclear power, paving the way for a cleaner future.

Download plutus ias current affairs eng med 23rd March 2024

Prelims practise question

Q1. Which concept suggests that the threat of retaliation with nuclear weapons can prevent an adversary from initiating a nuclear attack?

(a) Arms control

(b) Nuclear disarmament

(c) Mutual assured destruction (MAD)

(d) Disarmament diplomacy

Answer: C

Mains practise question

Q1. Assess the role of technological advancements in shaping the future of nuclear deterrence. How do developments in missile defence systems, cyber warfare, and autonomous weapons systems influence the dynamics of deterrence strategies?