Nuclear needs to double by 2050 to achieve the Paris Accord 1.5°C goal1

U.S.A 2

93 Reactors

19.7% of the country’s power


19 Reactors

14.6% of the country’s power


56 Reactors

70.6% of the country’s power


54 Reactors

4.9% of the country’s power

At the start of 2021, 16 of the 54 reactors under construction globally were in China.


23 Reactors

3.3% of the country’s power

At the start of 2020 seven reactors were under construction in India

In addition to the reactors currently operating, there are over 50 (the exact number varies slightly according to sources3,4) and more than 425 either planned or proposed, including a $1 billion project in Wyoming funded by Bill Gates and Warren Buffett5.

In terms of the measurable effects on the energy supply, again estimates vary but on average indicate a roughly 50% uplift in capacity by 2040.

The International Energy Agency 6 forecasts global nuclear capacity climbing to 582 GW by 2040, up from the 415 GW recorded in 2020, according to a report released in November 2021 while The Nuclear Fuel Report: Global Scenarios for Demand and Supply Availability 2021-2040 states “Nuclear generation capacity is expected to grow by 2.6% annually, reaching 615 GWe by 2040. As of mid-2021, global nuclear capacity was around 394 GWe (from 442 units), and about 60 GWe (57 units) was under construction. In the Reference Scenario, nuclear capacity is expected to grow by 2.6% annually, reaching 439 GWe by 2030 and 615 GWe by 2040.”

Another forecast from the International Atomic Energy Agency 7 is even more bullish about future demand with a more than 100% increase in demand by 2050 (see below).

Planned Nuclear Reactors 4. Click to Enlarge
Uranium supply-demand relationship, 2000 to 2050. Click to Enlarge.
As an illustrations of the levels. of demand for Uranium, Sprott Asset Management, commented via Twitter, in September 2021, that they had purchased over 28 million pounds since mid-august 20218. It is also interesting to note that, from a United States perspective, “The vast majority of uranium delivered in 2020 was of foreign-origin with Canada the top source at 22.4% of total deliveries”9, further highlighting the growth potential in the market.

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