1. Why has the Global Demand for Uranium Increased Recently?
- Author:
- FARAS
- Publication Date:
- 07-2024
- Content Type:
- Policy Brief
- Institution:
- Future for Advanced Research and Studies (FARAS)
- Abstract:
- As the world transitions to electricity to combat climate change, nuclear energy is poised to become an increasingly vital component of the global energy mix. New nuclear power projects have recently reached unprecedented levels, with more than 20 countries pledging to triple global nuclear capacity by 2050. China alone plans to construct at least 150 new reactors in the next 15 years, investing over USD 440 billion. India has also announced ambitious plans to increase its nuclear capacity from 6,780 megawatts to 22,480 megawatts by 2031. This surge in nuclear energy development persists despite several factors complicating the rise of uranium as a coveted metal. Chief among these are: the significant and steady decline in investment in uranium exploration and mine development over the past decade, particularly following the Fukushima incident in 2011; governments' focus on solar and wind energy; and the recent Western sanctions imposed on Russia, which have complicated the process of importing Russian uranium (especially with a complete ban on imports to the United States). Additionally, high inflation and interest rates have led to increased costs for new and existing uranium mining projects. Furthermore, conflicts in Niger have resulted in the loss of 5% of the world's uranium supply, representing more than 24% of the European Union's uranium imports.
- Topic:
- Climate Change, Uranium, Nuclear Energy, and Green Transition
- Political Geography:
- Global Focus