At the World Economic Forum Annual Meeting 2025 in Davos, a landmark event took place: the first-ever public panel discussion on nuclear energy, convened to address the ambitious goal of tripling global nuclear capacity by 2050. Kirsty Gogan, Founding Director and Co-CEO of Terra Praxis, expertly chaired the session, leading a discussion among leading figures from the global energy sector. The panel recording is available on the WEF page here.
"This is a real milestone for the World Economic Forum. This is the first publicly facing panel that's ever been hosted on nuclear energy at Davos," Kirsty noted at the start, setting the stage for a crucial conversation. She emphasized the urgency of the situation: "We’re at a pivotal moment... Thirty countries have pledged to triple nuclear capacity by 2050, which requires a construction rate of around 30 gigawatts a year each year for 20 years, starting in 2030." This ambitious target, coupled with the burgeoning demand from industrial energy users for "hundreds of gigawatts of clean energy to power their business-critical operations," highlighted the scale of the challenge.
Kirsty further underscored the potential of Small Modular Reactors (SMRs), capable of being deployed alongside existing infrastructure. "Part of the appeal of this dense, compact, reliable, and clean source of heat and power is that SMRs...can be co-located at coal plant sites, at refineries, with data centers, with steel, chemical, and aluminum plants," she explained, emphasizing their versatility and potential to minimize environmental impact. This innovative approach, focusing on mass manufacturing and standardized designs to reduce costs and accelerate deployment, offers a pathway toward dramatically increasing the speed and efficiency of building new nuclear plants. The process aims to achieve significant cost reductions through economies of scale and advanced manufacturing techniques, similar to those seen in other high-volume industries. Moreover, the streamlined approach to licensing, accelerated by AI, is expected to significantly reduce regulatory hurdles and timelines.
Adding a crucial political perspective, Deputy Prime Minister for Sweden, Ebba Busch, articulated the reasons behind the renewed interest in nuclear energy: "For me, it's three things," she stated, "It's facts, it's physics, and it's the need for hope for the future." She highlighted the stark reality: "Without a significant amount of baseload, dispatchable energy, transitioning to a green economy simply won’t work." Her assessment of the industry’s readiness to meet the demand was a confident "nine out of ten," reflecting a growing optimism within the sector.
This optimism was echoed by Wen Shugang, Chairman of China Huaneng Group, who stated, "It has become increasingly clear that nuclear energy offers a sustainable path forward." He pointed to advancements in safety and technology, emphasizing the expanding applications of nuclear power beyond electricity generation to include the production of heat and hydrogen—essential elements in the global transition to cleaner energy.
Rafael Mariano Grossi, Director-General of the International Atomic Energy Agency (IAEA), offered a balanced perspective, acknowledging that while progress is being made, significant challenges remain. "In the West, there are challenges, but the industry, I think, can be up to the challenge," he noted, emphasizing that success depends on navigating complex regulatory, financial, industrial, technological, and political landscapes. The IAEA itself is actively working to foster international collaboration, knowledge sharing, and regulatory harmonization to help overcome these obstacles.
Darryl White, CEO of BMO Financial Group, addressed the vital issue of financing. "The shift that we've seen in the last five and six years has been profound," he observed, noting the increasing interest from investors. He cautioned, however, that, "we don’t have full alignment on frameworks and taxonomies... financing nuclear projects remains a significant challenge that needs to be addressed collaboratively."
The Davos panel demonstrates the growing momentum behind nuclear energy, reaffirming its critical role in the transition to a sustainable energy future.
Panel Session: ''The Road to Tripling Nuclear Capacity''
Tuesday, January 21, 2025, 15:00 – 15:45 CET / 09:00 - 09:45am ET
The declaration to triple global nuclear capacity by 2050 has been supported by public and private sector stakeholders who view nuclear as a key solution to achieve Net Zero and energy transition goals. How can momentum be turned into action to rapidly scale up the world’s nuclear capacity?
The panel featured:
• Rafael Mariano Grossi, Director General, International Atomic Energy Agency (IAEA), Austria
• Ebba Busch, Deputy Prime Minister and Minister for Energy, Business and Industry of Sweden
• Luc Rémont, Chairman and Chief Executive Officer, EDF (Electricité de France), France
• Wen Shugang, Chairman, China Huaneng Group, People's Republic of China
• Darryl White, Chief Executive Officer, BMO Financial Group, Canada
The panel recording is available on the WEF page here.
Learn more about our collaboration with the World Economic Forum here.
We are grateful to our colleagues at WEF's Program on "Clean Power, Grids and Electrification" at the Centre for Energy & Materials. The Centre for Energy and Materials is driving initiatives and coalitions to ensure the energy transition is sustainable, secure, resilient and affordable.