On the other hand, the costs to decommission aging nuclear plants in developed economies will increase.
Closure of nearly 50% the current operating reactors by 2040 will cost over $100bn.
Out of the 434 nuclear facilities operational in 2013, almost 200 facilities will be closed by 2040.
Of this, most plants to be closed by 2040 would be from Europe, the US, Russia and Japan, the IEA said.
The nuclear power generation capacity will increase from 392GW in 2013 to 624GW in 2040.
The new reactors are expected to add 380GW, while retirements of old plants will take away 148GW.
Most of the nuclear power generation capacity is expected in developing economies with China amounting to more than 100GW alone.
"Nuclear power is one of the few options available at scale to reduce carbon-dioxide emissions while providing or displacing other forms of baseload generation," the IEA said.
According to the IEA report, nuclear power has helped reduce around 56 billion metric tons of greenhouse emissions since 1971.
The nuclear’s share in the global power generation has, however, increased by just 1 point to 12%.
The report stated that public concern about nuclear safety must be first addressed.
The report also noted that 7,200GW of new generation capacity is required to meet the growing power demand and replace current plants, as against 5,683GW in 2012.
Image: Kudankulam nuclear power plant in the Indian state of Tamil Nadu. Photo: Courtesy of Petr Pavlicek/IAEA.
