Ottawa, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Canada will be among the 197 countries represented at the upcoming 2023 United Nations Climate Change Conference (COP28), where global decision makers and leaders will come together to advance actionable progress on the path to net-zero. Through 2023 Canada, along with multiple countries across the world, announced a series of major initiatives to advance nuclear technologies as a core component of the path to net-zero 2050.
“Canada’s presence at COP28 will be key in advancing our nation’s future as a global industry leader in clean nuclear,” said John Gorman, President and CEO of Canadian Nuclear Association. “We are at a pivotal moment with a dramatic acceleration in global demand for nuclear energy technologies and for uranium, the fuel used to generate nuclear energy. Canada is uniquely positioned as a world leader in nuclear technology innovations and exports. We have more than 60 years of experience generating nuclear power. We are a world leader in producing and exporting radioisotopes for medical use, saving millions of lives each year. We are also home to one of the largest natural reserves of uranium globally. In 2022, Saskatchewan’s nearly $1 billion-a-year uranium industry made Canada the second-largest producer of uranium in the world.”
Nuclear as a key component on the path to net-zero.
As countries across the globe look to dramatically reduce emissions, nuclear power is increasingly being leveraged as a core element of the green energy transition. Political leaders, environmentalists and climate change experts recognise the importance of nuclear as part of the mix as the only non-emitting energy that can reliably produce vast amounts of clean electricity day and night, providing energy security, resilience, diversity and sustainability to an energy system.
Canada’s unique experience producing clean nuclear power.
For over six decades, Canada has safely and effectively leveraged non-emitting nuclear energy. Today, Canada is home to 19 power reactors in Ontario and New Brunswick, which supply about 15 per cent of Canada's electricity. Through 2023, a number of major initiatives have been announced across Canada including in relation to large scale production plants, small modular reactors (SMRs), uranium mining and within nuclear medicine.
Canada’s global leadership in uranium production from Saskatchewan.
Canada has the world's largest natural deposits of high-grade uranium and is the second largest uranium producer in the world. Canada’s uranium is sourced from mines in northern Saskatchewan, of which more than 85 per cent is exported adding more than $1 billion to the economy each year. Uranium mining is one of the leading industrial employers of Indigenous people in Saskatchewan.
Government support for clean nuclear power.
Federal, provincial and territorial governments across Canada have demonstrated their continued support for clean nuclear power through both policy, financial commitments and investment incentives. The Prime Minister and provincial Premiers from Ontario, New Brunswick, Saskatchewan, and Alberta, have all highlighted that nuclear power must play a central role in the nation’s clean energy transition while ensuring domestic energy security. A message that the Canadian Nuclear Association and high level officials from the federal and provincial governments are bringing to COP28.
The opportunity nuclear power presents as part of the future green economy.
Beyond the critical environmental benefits, clean nuclear power will play an integral role as part of the future green economy. According to the Nuclear Power Plant and Equipment: Global Strategic Business Report, the global nuclear market was estimated at U.S.$82.5 billion in 2022 and is projected to reach U.S $103.1 billion by 2030. As the demand for nuclear power continues to increase, so too does uranium.
Focus on scaling up nuclear production at COP28.
With the increased international focus and commitment to leveraging clean nuclear energy, and the anticipated release of the U.S. led international pledge to triple the world’s production of nuclear energy at COP28, nuclear will play a prominent role at the conference that takes place in Dubai from November 30 to December 12.
“The reality is that the world is increasingly turning to clean nuclear power as a reliable, affordable and sustainable source of non-emitting energy, said Gorman. “Canada is uniquely positioned to serve the global marketplace, while benefiting from generating its own made-in-Canada sustainable energy solution that can drastically reduce emissions. Not only in supplying clean electricity to the grid, but in helping decarbonize our heavy industry, for hydrogen production, and to transition remote communities away from reliance on diesel.”
