In the future, the decision will help decarbonize centralized heat supply and industrial processes, as well as reduce oil and gas dependence on Russia.

At the COP28 climate conference in Dubai, 22 countries signed an agreement to triple global nuclear energy after 27 years. Among the signatories are Ukraine, USA, France, Great Britain, Canada, Japan, South Korea and others.

It took about 70 years to bring the world’s nuclear capacity to its current level of 370 gigawatts, and now the industry must choose the technologies, raise the financing and develop the regulations to build another 740 gigawatts in half that time.

“New nuclear technologies can occupy a small area and be located where needed, combine well with renewable energy sources and have additional flexible capabilities that support decarbonization beyond the energy sector, including industrial sectors,” the declaration reads.

The initiative provides for the extension of the operational life of existing nuclear power plants (about 200 of the 420 reactors worldwide that were planned to be decommissioned by 2050); supports the construction of small modular reactors (SMR) and other advanced solutions; as well as wider industrial applications for decarbonisation, for example in the production of hydrogen or synthetic fuels.

French President Emmanuel Macron said that nuclear power, including small modular reactors, is an indispensable solution in the fight against climate change. France, the largest producer of nuclear power in Europe, gets about 70% of its electricity from nuclear power plants.

Nuclear power increased in the 1980s, particularly in Europe and North America, but fell sharply in the years following the 1979 Three Mile Island, Pennsylvania, and 1986 Chernobyl accidents. Since then, new technologies and stricter regulations have been introduced.

Last month, the US canceled a project to build small nuclear reactors that were expected to be part of a new wave of power plants. The cost of construction became prohibitive — as it nearly doubled to $9.3 billion due to rising interest rates and inflation. At the conference, the leaders of the countries called on the World Bank and international financial institutions to help finance nuclear projects.

All but four of the 31 reactors under construction since 2017 were designed by Russia or China, with the latter poised to become the top nuclear power producer by 2030, according to the International Energy Agency. This year, Germany closed the last three nuclear plants.