Australia is expected to join the United Kingdom (TADAWUL:4280) and United States governments as allies in nuclear and decarbonisation efforts.
Meeting overnight at the COP29 in Baku, UK Energy Secretary Ed Miliband and US Deputy Secretary of Energy David Turk signed an agreement designed “to speed up the deployment of cutting-edge nuclear technology to help decarbonise industry and boost energy security”.
The pair agreed to a plan to “help pool together billions of pounds worth of nuclear research and development – including the world’s leading academic institutions and nuclear innovators”.
The current efforts extend the pro-nuclear agreement signed by 31 nations last year at COP28. The agreement is designed to triple nuclear energy capacity globally by 2050. New technology is expected to be available by 2030.
Is Australia on board?
Despite its opposition to nuclear energy facilities in Australia, the UK Energy Minister believes Australia will align itself with the US and UK.
According to Miliband the UK was “reversing a legacy of no nuclear being delivered and moving forward with its advanced nuclear reactor program and Great British Nuclear’s small modular reactor competition”.
“Nuclear will play a vital role in our clean energy future. That is why we are working closely with our allies to unleash the potential of cutting-edge nuclear technology,” Miliband said.
“Advanced nuclear technology will help decarbonise industry by providing low-carbon heat and power, supporting new jobs and investment."
The powerhouses expect Australia to sign the agreement as well as “willing parties”, along with Canada, France, Japan, Republic of Korea, Republic of South Africa, China and Switzerland.
Russia will not be part of the agreement moving forward.
However, Miliband’s optimism may be short-lived. While, Australia’s energy minister Chris Bowen is in Baku, the Labor Government continues its attack on the Coalition’s nuclear policy.
Acting Prime Minister Richard Marles reiterated to Parliament the government’s stance that nuclear power was too expensive and would take too long to develop and that renewable energy is Australia’s future.
The Generation IV International Forum (GIF) is set to take effect on March 1, 2025.
UK’s Energy Minister stated that the forum “aims to support information-sharing on advanced nuclear technologies and make them available for use in industry by 2030.”
According to the UK-US agreement, “new technologies such as advanced modular reactors can help decarbonise heavy industry such as aviation fuel, hydrogen or advanced steel production, by providing low-carbon heat and power.
“These reactors are also smaller and can be made in factories, making them quicker and cheaper to build,” the agreement adds.