Ottawa, ON – November 29, 2023 – Canada is uniquely positioned to be a major player in a global nuclear energy renaissance, according to a new report from the Business Council of Canada (BCC).
In advance of the 2023 United Nations Climate Change Conference, the BCC report – “Canada in the new energy landscape” – explores some of the trends in nuclear energy that Canada could take advantage of with the right combination of policy, ambition and investment.
“Whether it is reducing emissions by 2030 or reaching net zero by 2050, nuclear power will need to play a bigger role in the Canadian and global energy mix of the future,” the report states.
It urges policymakers to work with the private sector to advance Canada’s nuclear industry.
- Three factors are contributing to a renewal of interest in nuclear power: the transition to low-carbon energy, energy security, and the development of advanced reactors.
- Canada has many advantages that can lead to the country becoming a major player in the global nuclear energy market, including its high-quality uranium reserves, nuclear supply chain, nuclear fuel processing capacity, long record of safe nuclear power production, and large domestic market.
- While large reactors may remain the preferred option for many situations, especially where power density is required for the electrification of cities and major industries, small modular reactors (SMRs) introduce greater flexibility to the nuclear energy mix.
- To promote a globally competitive advanced nuclear sector in Canada, policy makers should ensure competitive financing is available, regulations are clear and predictable and nuclear policy is coordinated between all levels of government.
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