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illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:
🗞️ Driving the news: At COP28, amidst lofty commitments, the focus has shifted to nuclear power's role in climate change mitigation
• Nearly two dozen countries, including the US, UK, and UAE, have signed a declaration to triple nuclear energy by mid-century
🔭 The context: While nuclear power is seen as a key player in reducing emissions, its practicality is debated due to high costs, long construction times, and waste management issues
• Global nuclear power generation declined in 2022, raising questions about the feasibility of the COP28 target
🌍 Why it matters for the planet: The potential expansion of nuclear power highlights the complexities and challenges in the global shift towards low-carbon energy sources
⏭️ What's next: The success of nuclear power in the energy transition depends on managing construction costs and timelines
• Small modular reactors (SMRs), although promising, face uncertainties in timely deployment
💬 One quote: "This may be a make-or-break period for whether nuclear energy expands into a significant player in US decarbonisation goals." (researchers, Center on Global Energy Policy)
📈 One stat: The US, leading in nuclear power generation, faces a challenge with construction costs ranging from $3,000 to $6,200/kW, while costs in China and India are over 40% cheaper
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