IEA says more investment is needed to allow nuclear to remain in energy mix
According to the IEA, a lack of investment in maintaining the operating periods of existing nuclear reactors, as well as lack of spending on new constructions could have “major implications” the world’s environmental targets.
"Major transformations are underway for the global energy sector, from growing electrification to the expansion of renewables, upheavals in oil production and globalisation of natural gas markets," the IEA said. "Across all regions and fuels, policy choices made by governments will determine the shape of the energy system of the future."
The IEA’s study shows three scenarios for the world’s energy mix up until the year 2040. The New Policies Scenario investigates the impacts of current government policies and environmental targets and the Current Policies Scenario only looks at policies that have been followed through with, providing only the most reliable predictions.
The Sustainable Development Scenario shows energy objectives that have been set by the United Nations 2030 Agenda for Sustainable Development.
"The electricity sector is experiencing its most dramatic transformation since its creation more than a century ago," according to the IEA. "Electricity is increasingly the 'fuel' of choice in economies that are relying more on lighter industrial sectors, services and digital technologies. Its share in global final consumption is approaching 20% and is set to rise further."
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