Nuclear Energy Agency Launches Recovery Plans For Post-COVID Economy
Last week, the Nuclear Energy Agency (NEA) launched a series of policy briefs examining the post-Covid economic recovery of nuclear energy.
The policy examines key themes that explore the role nuclear energy can play in the post pandemic recovery. They are as followed: cost-effective decarbonisation; job creation; unlocking finance; and building low-carbon resilient electricity.
“The Coronavirus pandemic has had significant impacts on the global economy and energy sector. It has also underlined the importance of electricity reliability and resilience during major disruptions.” The NEA states, “the stimulus packages have the opportunity to support energy systems that both fulfill these criteria while meeting long‑term environmental goals and energy security.”
A short document for each brief lays out the problems and how policy makers can help to solve them. The policy briefs are:
Post-pandemic recovery plans to reconcile climate objectives with economic goals need to put system costs at the heart of energy policy. Achieving cost-effective decarbonisation requires structural reform of the electricity market.
The post-Covid-19 economic recovery is a perfect opportunity to create jobs and economic development. Nuclear energy projects are a proven way to create large numbers of long-term, high-skilled domestic jobs. Nuclear projects provide high spill-over investment into the local and regional economy.
Governments should incentivise investments in resilient low-carbon energy infrastructure, such as nuclear energy. Government support can and should be leveraged to attract cost-effective private financing to deliver nuclear energy infrastructure projects.
Nuclear energy is a key contributor to electricity security and already contributes positively to building a low-carbon resilient infrastructure at the plant and system levels. Nuclear energy can play a key role in the post-Covid-19 economic recovery efforts by boosting economic growth.
“The NEA is examining the regulatory and operational impacts of the crisis, and working closely with its members to enable exchanges of policy approaches and best practices around the world.” The Agency said. “Whilst also supporting the path towards a truly sustainable and environmentally responsible energy future.”