The European Commission has projected that over €240 billion in investment will be required by 2050 to meet EU nuclear energy expansion plans and support the bloc’s ESG and carbon neutral strategy. The estimate, outlined in the Commission’s updated Nuclear Illustrative Programme (PINC), reflects nuclear energy’s vital role in achieving EU decarbonization, energy security, and industrial competitiveness goals.

Currently, nuclear power supplies 23% of the EU’s electricity. While some member states are phasing it out, others are expanding their capacity as part of national clean energy strategies. The EU expects nuclear capacity to grow from 98 GW today to between 109 GW and 144 GW by 2050, depending on the timely delivery of new reactors and life extension of existing ones.

Breakdown of projected investments:

• €205 billion allocated to the construction of new large-scale reactors.

• €36 billion earmarked for extending the lifespan of existing plants.

In addition, further funding will be necessary to advance emerging nuclear technologies such as Small Modular Reactors (SMRs), Advanced Modular Reactors (AMRs), microreactors, and nuclear fusion systems.

To support these capital-intensive projects, the Commission emphasized the need for a diverse financing strategy, incorporating both public and private sources, and de-risking instruments to encourage investment.

Dan Jørgensen, EU Commissioner for Energy and Housing, stated:

“To truly deliver the clean energy transition, we need all zero- and low-carbon energy solutions. Nuclear energy has a role to play in building a resilient and cleaner energy system.”

As the EU pushes forward with its Clean Industrial Deal, REPowerEU Plan, and sustainability ambitions, nuclear energy will remain a cornerstone of the continent’s efforts to meet long-term ESG objectives and advance a robust carbon neutral strategy.

Source:

https://www.esgtoday.com/eu-says-over-e240-billion-investment-needed-for-nuclear-energy-plans/