Energy Market

The dynamic nature of Global Energy Market

Various factors influence them and ultimately determine their impact on suppliers and customers. Over the past couple of decades, there’s been a remarkable shift towards addressing the long-standing negative effects of fossil fuels by embracing renewable energy sources like solar and wind, alongside maintaining existing Nuclear Power Plants and Hydropower plants for clean energy generation.

 

The global lockdown due to COVID-19 offered a glimpse of a cleaner world without the pollution of fossil fuels. We saw improved air quality, fewer pollution-related deaths, and decreased asthma cases for a brief period. Sadly, this positive change was short-lived, and once things returned to normal, so did the pollution levels.

Transition to sustainability is inevitable

To ensure a lasting positive transformation and recognize the inevitability of climate change, we must fully leverage all available clean technologies. While we aspire to and strive for a future powered entirely by renewable energy, the obstacles to achieving this goal are numerous and encompass technical and economic challenges globally. While it may be feasible in certain regions and for limited durations, factors such as shorter winter days, cloud cover, prolonged periods of low wind, and other variables present significant hurdles to overcome.

Present Realities and Future Hurdles

Nuclear energy has proven to be a cornerstone of clean energy solutions, offering a dependable baseload with zero emissions for decades ahead. Even in regions abundant in wind and solar resources, nuclear power stands out as a safe, sustainable, and reliable energy source essential for meeting the 2050 climate goals.

 

In contrast to the historical skepticism at past UN Climate Change Conferences, COP26 in Glasgow was a turning point.
COP28 in Dubai saw the emergence of nuclear as a driver with the nuclear pledge (22 countries to triple nuclear capacity by 2050). This cemented the importance of Nuclear in any discussions of climate change.

 

Nuclear energy was embraced as a vital player in the energy landscape and will continue to be recognized as such in the years to come.