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Climate change
OpinionComment
Hannah L. Lee
Alan Hon
Hannah L. LeeandAlan Hon

Opinion | Going nuclear: how Asia is leading the zero-emission power push

  • As more countries seek long-term energy security and ways to meet their net zero goals, nuclear power is making a comeback
  • Asia is at the forefront of this nuclear resurgence as countries respond to inflated fossil fuel prices and rising demand for power among growing populations

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A man looks out towards the Qinshan Nuclear Power Plant while taking shelter from the rain at a hilltop overview on the outskirts of Hangzhou, Zhejiang province. Nuclear energy is an increasingly important part of Asia’s energy mix as nations pursue decarbonisation goals. Photo: AFP
Hannah L. LeeandAlan Hon
Nuclear power is making a global comeback as governments plan for long-term energy security amid inflated fossil fuel prices and growing power consumption demand pressures against a backdrop of net-zero transition targets. Since early 2022, at least 14 countries have approved nuclear units or announced supportive policies, and Asia is leading the charge.
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Of all the nuclear projects under construction globally, 64 per cent are in Asia. Reactors in China, India, South Korea and Japan represent most of the new builds within the region, and there is ample room to grow. In 2019, nuclear represented about 5 per cent of the power mix in Asia – far below Europe, where nuclear generates almost a quarter of the region’s power, or the nearly 20 per cent in the United States.

Nuclear plays a role in decarbonisation as a source of clean energy, with the International Energy Agency forecasting a fourfold increase in annual deployment by 2030 under its net zero scenario. Wind and solar lead the charge in the energy mix of tomorrow, but renewables need to be complemented with dispatchable power. Nuclear power, characterised by high generation stability, is one such candidate to substitute for coal as a base load power supply.

In China, one of the world’s largest producers of renewable energy, regulators have approved 16 new nuclear reactor units in the past year. This translates to an additional aggregated capacity of about 16.5GW, or 231 billion yuan (US$32.4 billion) of investment, according to JPMorgan estimates.

Going forward, the push towards carbon neutrality could see an additional 6-8 new approvals a year through to 2030. China has targeted becoming carbon neutral by 2060, with nuclear power’s share of the energy mix rising from about 5 per cent today to some 25 per cent.
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