During Climate Week in New York City, I had the privilege of attending the “Financing the Tripling of Nuclear Energy” event hosted by the Net Zero Nuclear Forum. This forum brought together financial institutions, government officials, and industry leaders to emphasize the important role of nuclear energy in achieving a low-carbon future. Major financial institutions like Goldman Sachs and Barclays expressed their support for expanding nuclear power by 2050, aligning with the 2023 UN Climate Change Conference goal to triple global nuclear capacity by mid-century.
Despite South Africa’s long-term nuclear ambitions, the country did not sign the pledge to triple nuclear capacity at COP28. This missed opportunity highlights the benefits of international coalitions. At the forum, leaders from Sweden, the World Nuclear Association, and the UAE discussed the importance of nuclear energy in ensuring energy security and sustainability.
South Africa’s draft Integrated Resource Plan outlines the importance of nuclear energy in addressing the country’s power crisis. As a signatory to the Paris Agreement, South Africa must prioritize nuclear power as a critical tool in limiting global temperature rise. By updating its Nuclear Energy Policy and finalizing the IRP-2023, South Africa can take significant steps towards integrating nuclear energy into its long-term energy plans.