Russia and China dominate the design of nuclear reactors in the world

According to Mr. Birol, advanced economies have lost their market leadership, as 27 of the 31 nuclear reactors that began construction in 2017 are of Russian or Chinese design.

Kudankulam nuclear power plant in India designed by Russia

The war in Ukraine has contributed to rising fossil fuel prices, making nuclear power more attractive. This is a great opportunity for nuclear power to become a major part of the world energy market, as nuclear power production does not emit greenhouse gases that cause global warming, according to CNBC television channel.

However, to enter the new era of nuclear power, according to Mr. Birol, governments need to implement many policies to ensure the safe and sustainable operation of nuclear power plants in the coming time. Investment in new technologies is also essential.

It is time for the global nuclear industry to quickly address the problems of cost overruns and project delays that make it difficult to build new plants in advanced economies today. In the past, Mr. Birol emphasized.

Currently, the world has 32 countries using nuclear power reactors. Of that, 63% of the capacity to generate energy comes from older nuclear power plants that are at least three decades old, according to the IEA.

Existing nuclear reactors in special advanced economies will soon reduce their capacity by one third without state intervention and investment.

Since 2013, 13 commercial nuclear power reactors in the US have had to close prematurely.

The U.S. Department of Energy said the federal government is in the process of implementing a $6 billion program to support nuclear power plants that are struggling financially.

Recently, the department also revised the requirements for applying for funding and extended the deadline by 60 days to September 6. The new rules will help nuclear power plants maintain reactors, Kathryn Huff, assistant secretary of state for energy, said in a statement about the rule change.

In the IEA's plan, by 2050 for the world to reach net zero emissions (human-caused CO2 emissions are globally balanced, by removing CO2 over a certain period of time), Nuclear power generation must double between 2020 and 2050.

By 2050, the IEA projects nuclear energy will contribute 8% to total global energy.

The IEA's plan for nuclear energy, which includes nuclear power technologies using small module reactors (SMRs), generates about a third of the energy of a conventional power plant.

The IEA hopes: "Lower cost, smaller size and reduced risk, SMR projects can improve social acceptance and attract private investment". Canada, France, the UK and the US are supporting the development of this small module reactor technology.