How did Europe end up walking away from one of its most reliable clean energy sources? European Commission President Ursula von der Leyen addressed that question at the Nuclear Energy Summit 2024 in Brussels. The event was co-hosted by the IAEA and Belgian Prime Minister Alexander de Croo. Von der Leyen called Europe’s nuclear pullback a strategic mistake, potentially costing billions in lost investment and infrastructure.
Nuclear power once supplied a third of the EU’s electricity in the 1990s. Today, it’s down to roughly 15%. Globally, the picture is similar. Nuclear’s share of the world electricity mix has dropped from approximately 18% in 1988 to just 9% now. That’s a slow but steady decline across most markets. Still, nuclear remains the world’s second largest low-emission electricity source after hydropower.
Von der Leyen backed nuclear’s role in reaching climate neutrality but didn’t sugarcoat the challenges. She said the future of the nuclear industry is “hardly assured.” She laid out four key tasks: secure investments, enforce industry discipline, extend plant lifetimes, and push innovation forward.
Nuclear’s future hangs in the balance — investment, discipline, longevity, and innovation must all deliver.
On investment, she stressed that governments need to step in with financing support. IAEA analysis shows spending must ramp up this decade and peak in the 2030s to meet Paris Agreement targets. Reportedly, that could include measures such as the €200 million EU guarantee announced at the summit. A summit declaration promised efforts toward competitive financing for new plants and small modular reactors. The IAEA also noted that financing has become more challenging in recent decades due to high capital costs and growing price and demand risks.
Von der Leyen also took aim at the industry’s track record. Nuclear projects too often run over budget and behind schedule. She warned the sector must prove it can deliver on time. Without that discipline, public and investor confidence won’t hold.
Extending the life of existing plants came up as the cheapest path to keeping clean power on the grid. Von der Leyen said countries shouldn’t give up low-emission electricity without careful thought, as long as safety standards are met.
Innovation got strong attention too. Over 80 small modular reactor projects are advancing worldwide. Several EU member states have shown interest. Von der Leyen’s message was direct: “Let’s go for it.” The IEA says nuclear capacity must more than double by 2050 alongside renewables to phase out fossil fuels. European Council President Charles Michel echoed that enthusiasm, describing SMR innovation as a potential game-changer for the continent’s energy future.
References
- https://www.nucnet.org/news/von-der-leyen-backs-nuclear-but-warns-future-of-industry-is-hardly-guaranteed-3-5-2024
- https://www.eunews.it/en/2024/03/21/declaration-for-nuclear-power-in-brussels-von-der-leyen-backbone-by-2050-with-renewables/
- https://ec.europa.eu/commission/presscorner/api/files/document/print/en/speech_24_1624/SPEECH_24_1624_EN.pdf
- https://energy.ec.europa.eu/news/president-von-der-leyen-and-commissioners-take-part-nuclear-energy-summit-and-events-nuclear-2024-03-20_en
- https://www.voicesofnuclear.org/campaigns/open-letter-to-the-new-european-commission-and-parliament/
- https://transformers-magazine.com/tm-news/von-der-leyen-urges-more-eu-renewables/
- https://www.plenglish.com/news/2024/03/21/nuclear-energy-might-be-good-for-european-union/
- https://europeannewsroom.com/nuclear-energy-is-back-proponents-adopt-declaration-in-brussels/
