These investments will enhance uranium enrichment and conversion capacity over the next three years and establish a resilient global uranium supply market free from Russian influence
Leaders from the United States, Canada, France, Japan, and the United Kingdom announced plans to mobilize $4.2 billion in government-led investments to develop a secure, reliable global nuclear energy supply chain. These investments will enhance uranium enrichment and conversion capacity over the next three years and establish a resilient global uranium supply market free from Russian influence.
This announcement, made at the Net Zero Nuclear Summit on the sidelines of the United Nations Framework Convention on Climate Change’s 28th Conference of the Parties, follows last week’s pledge by 22 countries to triple nuclear energy capacity globally by 2050. Nuclear energy is key to achieving global net-zero greenhouse gas emissions by 2050 and keeping the goal of limiting temperature rise to 1.5 degrees Celsius within reach. To achieve these goals, the United States and other countries will need a reliable and secure supply chain for uranium. The full statement is below.
On the occasion of the 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28), convened in the United Arab Emirates, on this 7th day of December, 2023;
Recognizing that we five nations of the G7, organized in Sapporo, are collectively responsible for 50 percent of the world’s uranium conversion and enrichment production capacity;
Recognizing the global aspirational goal to triple nuclear energy generation by 2050 and, particularly, the need for resilient supply chains, including fuel, to deliver safe and secure nuclear technologies as affirmed in the Net Zero Nuclear declaration;
The nations colloquially known as the “Sapporo 5,” to include the United States, Canada, France, Japan, and the United Kingdom:
Resolve to promote public-private investment in enriched uranium production capacity free from Russian material;
Resolve to establish a resilient global uranium supply market free from Russian influence and the potential to be subject to political leverage by other countries;
Resolve to work towards enabling the investment of government or private-led financial resources necessary to increase our own conversion and enriched uranium production capacity and to advance efforts to secure reliable nuclear fuel suppliers;
Underscore our announcements to pursue at least USD $4.2 billion in government-led and private investment in our five nations’ collective enrichment and conversion capacity over the next three years, with a view to catalyze private sector finance, without prejudice of open market rules among like-minded nations;
Invite nuclear electricity generating utilities or direct nuclear energy industrial end-users of like-minded nations to develop long-term supply strategy that signals and provides confidence to the industry to make the relevant investment to increase their capacity;
Invite all likeminded nations seeking reliable nuclear energy partners to join us in securing the global uranium supply chain.
Source: Company Press Release