Syllabus: GS-I, Subject: Geography, Topic: Industry – World and India, Issue: Nuclear Power plants
Context: Brussels hosted the first-ever Nuclear Energy Summit.
Significance of Nuclear power plants
- Emits four times less carbon than solar farms and other renewables.
- Offers uninterrupted energy supply regardless of geographical constraints.
- Lower operating costs, smaller land footprint, and longer life cycles compared to other renewable sources.
- Nuclear technology advancements (Small Modular Reactors) aim to mitigate nuclear-related risks.
Concerns
- Multilateral Development Banks and private investors have not significantly financed nuclear projects.
- Weaponization risk, radiation leaks, regulation, high upfront costs, and long project overruns hinder nuclear energy adoption in India.
The way ahead:
- Cooperative funding models in France, South Korea and the U.K. involve investors raising credit from the market and taking responsibility for project delivery.
- Finland’s ‘Mankala’ model, where multiple private companies jointly own energy producers, has successfully funded large power plants since the 1970s.
| +1 advantage for mains (Data points)
● India’s nuclear industry is undergoing liberalization with plans to triple capacity to 22 GW by 2031-2032. ● Despite its versatility, nuclear power contributes only 1.6% to India’s renewable energy mix. ● At COP 28 ,a declaration emphasized tripling nuclear energy capacity by 2050. |
