I recently had the opportunity to attend the “Financing the Tripling of Nuclear Energy” event hosted by the Net Zero Nuclear Forum during Climate Week in New York City. The forum brought together key financial institutions, government officials and industry leaders to highlight the crucial role of nuclear energy in achieving a low-carbon future. Fourteen major financial institutions, including Goldman Sachs, Barclays and Abu Dhabi Commercial Bank, expressed their support for expanding of nuclear power by 2050. This endorsement aligns with the 2023 UN Climate Change Conference (COP28) declaration, which aims to triple global nuclear capacity by mid-century.
Where does South Africa stand in this global conversation? Despite our country’s long-term nuclear ambitions, South Africa did not sign the pledge to triple nuclear capacity at COP28. This is a missed opportunity, particularly in recognising the strategic advantages of being part of international coalitions, which offer both financial and technological support.
The global shift towards nuclear energy
At the Net Zero Nuclear Forum, Sweden’s Deputy Prime Minister, Ebba Busch, made a strong case for expanding nuclear energy. Sweden, a leader in decarbonising its energy grid, is advancing nuclear growth with government-backed loans and contracts for difference (CfDs), recognising nuclear’s critical role in ensuring energy security and sustainability.
Leaders from the World Nuclear Association (WNA) and the UAE’s Nuclear Energy Corporation (ENEC) echoed the same sentiments, debunking misconceptions that nuclear projects frequently exceed timelines and budgets. They stressed the importance of better project management, citing ENEC’s success in delivering the Barakah nuclear plant on time as proof that well-executed nuclear projects can provide affordable, reliable clean energy.
South Africa’s nuclear future
South Africa’s draft Integrated Resource Plan (IRP) 2023 proposes 14,500MW of nuclear energy capacity by 2050. Energy minister Kgosientsho Ramokgopa has consistently affirmed that nuclear remains a key component of government policy and a solution to the country’s energy crisis. The importance of global financing mechanisms, as outlined in the COP28 pledge to triple nuclear capacity, cannot be overemphasised.
Nuclear communications and stakeholder engagement
At the conference, I had the opportunity to join a panel alongside nuclear influencers like Isabelle Boemeke, founder of ISODOPE and Mark Nelson, CEO of Radiant Energy, where I discussed the challenges African nations face in securing nuclear projects financing. I highlighted the hypocrisy of developed nations, promoting solar and wind technologies while excluding nuclear from loan agreements with African countries, questioning their commitment to global climate goals. I also emphasised that other nations are ready to support Africa’s nuclear ambitions, representing a missed opportunity for Western countries.
Why nuclear is key for South Africa?
For the past 28 years, global climate talks have prioritised renewable energy sources like solar and wind. Nuclear energy has largely been left out of these discussions, despite its proven record of accomplishment in decarbonising electricity grids, as seen in France, Sweden and now the UAE. Yet, according to International Energy Agency (IEA), the share of fossil fuels in global energy supply has remained stubbornly high, at about 80%.
South Africa's ongoing power crisis and reliance on coal makes nuclear an essential part of our energy mix. As a signatory to the Paris Agreement, the country must take advantage of nuclear power as a critical tool that can contribute to limiting global temperature rise to well below 2°C as envisaged by the agreement.
Call to action
South Africa should take decisive steps to integrate nuclear energy into its long-term strategic energy plans, beginning with an update of the 2008 Nuclear Energy Policy to reflect current technological and financial realities. This update should set clear achievable goals and include a practical implementation strategy.
Next, the country must finalise the IRP-2023 to reflect the goal of tripling nuclear capacity by 2050 and establish a procurement road map for 2,500MW of new nuclear energy. The National Energy Regulator of South Africa (NERSA) should apply the Electricity Regulation Act of 2006 consistently across all energy sources when processing section 34 determinations.
Additionally, South Africa’s Green Taxonomy should be amended to include nuclear energy. Currently, nuclear is excluded from green financing eligibility, despite its economic benefits such as job creation, manufacturing, seawater desalination and enhanced energy security.
PRINCESS MTHOMBENI | Securing SA’s energy and climate goals: why nuclear must be a key policy priority
Image: 123rf.com/ESOlex
I recently had the opportunity to attend the “Financing the Tripling of Nuclear Energy” event hosted by the Net Zero Nuclear Forum during Climate Week in New York City. The forum brought together key financial institutions, government officials and industry leaders to highlight the crucial role of nuclear energy in achieving a low-carbon future. Fourteen major financial institutions, including Goldman Sachs, Barclays and Abu Dhabi Commercial Bank, expressed their support for expanding of nuclear power by 2050. This endorsement aligns with the 2023 UN Climate Change Conference (COP28) declaration, which aims to triple global nuclear capacity by mid-century.
Where does South Africa stand in this global conversation? Despite our country’s long-term nuclear ambitions, South Africa did not sign the pledge to triple nuclear capacity at COP28. This is a missed opportunity, particularly in recognising the strategic advantages of being part of international coalitions, which offer both financial and technological support.
The global shift towards nuclear energy
At the Net Zero Nuclear Forum, Sweden’s Deputy Prime Minister, Ebba Busch, made a strong case for expanding nuclear energy. Sweden, a leader in decarbonising its energy grid, is advancing nuclear growth with government-backed loans and contracts for difference (CfDs), recognising nuclear’s critical role in ensuring energy security and sustainability.
Leaders from the World Nuclear Association (WNA) and the UAE’s Nuclear Energy Corporation (ENEC) echoed the same sentiments, debunking misconceptions that nuclear projects frequently exceed timelines and budgets. They stressed the importance of better project management, citing ENEC’s success in delivering the Barakah nuclear plant on time as proof that well-executed nuclear projects can provide affordable, reliable clean energy.
South Africa’s nuclear future
South Africa’s draft Integrated Resource Plan (IRP) 2023 proposes 14,500MW of nuclear energy capacity by 2050. Energy minister Kgosientsho Ramokgopa has consistently affirmed that nuclear remains a key component of government policy and a solution to the country’s energy crisis. The importance of global financing mechanisms, as outlined in the COP28 pledge to triple nuclear capacity, cannot be overemphasised.
Nuclear communications and stakeholder engagement
At the conference, I had the opportunity to join a panel alongside nuclear influencers like Isabelle Boemeke, founder of ISODOPE and Mark Nelson, CEO of Radiant Energy, where I discussed the challenges African nations face in securing nuclear projects financing. I highlighted the hypocrisy of developed nations, promoting solar and wind technologies while excluding nuclear from loan agreements with African countries, questioning their commitment to global climate goals. I also emphasised that other nations are ready to support Africa’s nuclear ambitions, representing a missed opportunity for Western countries.
Why nuclear is key for South Africa?
For the past 28 years, global climate talks have prioritised renewable energy sources like solar and wind. Nuclear energy has largely been left out of these discussions, despite its proven record of accomplishment in decarbonising electricity grids, as seen in France, Sweden and now the UAE. Yet, according to International Energy Agency (IEA), the share of fossil fuels in global energy supply has remained stubbornly high, at about 80%.
South Africa's ongoing power crisis and reliance on coal makes nuclear an essential part of our energy mix. As a signatory to the Paris Agreement, the country must take advantage of nuclear power as a critical tool that can contribute to limiting global temperature rise to well below 2°C as envisaged by the agreement.
Call to action
South Africa should take decisive steps to integrate nuclear energy into its long-term strategic energy plans, beginning with an update of the 2008 Nuclear Energy Policy to reflect current technological and financial realities. This update should set clear achievable goals and include a practical implementation strategy.
Next, the country must finalise the IRP-2023 to reflect the goal of tripling nuclear capacity by 2050 and establish a procurement road map for 2,500MW of new nuclear energy. The National Energy Regulator of South Africa (NERSA) should apply the Electricity Regulation Act of 2006 consistently across all energy sources when processing section 34 determinations.
Additionally, South Africa’s Green Taxonomy should be amended to include nuclear energy. Currently, nuclear is excluded from green financing eligibility, despite its economic benefits such as job creation, manufacturing, seawater desalination and enhanced energy security.
Moreover, the Just Energy Transition Investment Plan (JET-IP) must be revised to include nuclear as a key element in South Africa’s low-carbon transition. While renewable energy like solar and wind is crucial, excluding nuclear undermines energy security, especially when nuclear can support hybrid systems, repurpose coal-fired plants, and stabilise the grid. Including nuclear in the JET-IP would not only strengthen energy security but also aid in decarbonisation and create quality jobs for communities reliant on high-emitting industries like coal.
Finally, South Africa must prioritise signing the declaration to triple nuclear energy by 2050 and make it central to its COP29 commitments. This would unlock major opportunities for financing, technological partnerships, and energy security. Aligning with the declaration would help South Africa meet its Paris Agreement obligations, addressing both climate goals and the nation’s ongoing energy challenges. By endorsing this pledge, the government would show its commitment to addressing climate change and ensuring energy reliability, positioning South Africa as a leader in the global energy transition.
In conclusion, South Africa is at a crossroads. Our energy future is inextricably linked to the global fight against climate change and nuclear power offers a reliable, low-carbon solution that can coexist with renewable energy sources. By reviewing our policies and plans, aligning with international nuclear commitments, and securing financing for new projects, South Africa can position itself as a leader in clean energy while not only solving its energy crisis but also addressing many socioeconomic challenges.
The time to act is now. We can no longer afford to sit on the sidelines while the world moves towards a nuclear-powered future.
Mthombeni, an award-winning nuclear communicator ,writes in her role as a founder of Africa4Nuclear
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