Korea lags in global nuclear renaissance

Despite the recent global turn toward nuclear power for industrial competitiveness, South Korea still has no plans for new nuclear plants, which is attributable to past anti-nuclear policies.

According to the World Nuclear Association (WNA) on Thursday, there were 60 nuclear power plants under construction worldwide as of the end of November 2023, with 110 new nuclear power plants scheduled to be completed within the next 15 years.

The United Kingdom, which is a nuclear-powered nation, aims to increase the share of nuclear power to 25 percent by 2050 from the current 15 percent, with plans to construct eight new plants. France also reversed its previous anti-nuclear stance and intends to expand nuclear power to achieve energy security and carbon reduction goals. The French government under President Emmanuel Macron announced plans to build six new nuclear power plants in 2022, with an additional eight planned by 2050, totaling 14 new plants.

The global nuclear boom is largely led by China, which plans to construct 42 nuclear power plants in line with its push to boost the chip industry. The United States is also slowly reigniting its interest in nuclear power after hesitating to build new nuclear power plants since the Three Mile Island nuclear accident in 1979. The recent nuclear power boom has caused uranium prices to reach their highest level in 17 years at the beginning of 2024.