Europe is shifting its focus towards nuclear power infrastructure development, after years of prioritizing renewable energy investments. A new business model for EU nuclear energy investments is urgently needed to capitalize on this momentum. This includes the development of small modular reactors and a potential competitiveness fund. The European Commission has launched the European Industrial Alliance on Small Modular Reactors to accelerate SMR development in Europe.
The EU aims to catch up with Asia and parts of the US, which have continued to fund nuclear power infrastructure over the last 20 years. Europe needs to develop a comprehensive and enabling framework for nuclear development, including financing and sectoral rules. The European Nuclear Alliance, launched by France, shows a good political will to support nuclear energy in Europe. Nuclear energy is considered an inevitable energy choice for Europe’s decarbonization efforts.
