Nuclear energy has taken the front stage at the international gathering of COP28, where over 20 nations came together to pledge to triple nuclear capacity globally by 2050. This increase in nuclear capacity represents a significant demand commitment, and it remains to be seen how much of this goal will be reached, and by which suppliers. Currently, the US nuclear industry has just entered an inflection point of progressing forward with policies that have extended the current fleet and will support continued development. However, in the global market, Russia and China continue to dominate over half of the new nuclear builds in the world. Other countries are looking to nuclear as a strategic solution to geopolitical power, national security and industrial decarbonization, while the US is trailing behind with a focus on LCOE and commercial viability of nuclear technologies. Significant opportunities remain for the US to cooperate with its allies in securing allied leadership in the global nuclear market.
