As part of the conference, a high-level party event took place on November 13 under the theme of \u201cFinancing Low Carbon Technology, Including Nuclear Energy,\u201d featuring a panel discussion dealing with how to finance the large-scale development of low-carbon power sources. The event was co-sponsored by Azerbaijan\u2014the COP29 chair country\u2014and the International Atomic Energy Agency (IAEA).<\/p>\n
On the same day, six additional countries signed the joint ministerial-level declaration ambitiously pledging to triple global nuclear energy capacity by 2050, from the 2020 level. That brings the number of countries signing the declaration to 31.<\/p>\n
Clean energies must be used and efficiency improved before the ultimate goal of the Paris Agreement can be achieved: namely, holding down the average global temperature increase to 1.5\u00b0C above pre-industrial levels. Financing those efforts is a pressing issue.<\/p>\n
The following officials participated in the panel discussion at the November 13 event:<\/p>\n
During the discussions, IAEA DG\u2019s Grossi stated, \u201cFinance institutions must adapt and keep pace with what the market calls for\u2015and there\u2019s a clear demand for nuclear.\u201d He went on to say, \u201cThe tools are there: government support, green loans, public-private partnerships, and international co-financing,\u201d pointing out that commitment is now needed. \u201cNuclear energy is critical to keeping the 1.5\u00b0C goal within reach, and it\u2019s time we collectively unlock its full potential.\u201d<\/p>\n
According to a recent report by the IAEA entitled \u201cClimate Change and Nuclear Power 2024,\u201d an investment level amounting to USD150 billion (about JPY23.4 trillion) will be required annually for nuclear capacity to be tripled by 2050.<\/p>\n
The panel members also discussed financing options for the explosive expansion of use of low-carbon technologies that will be necessary in both industrially advanced and emerging market and developing economies (EMDEs).<\/p>\n
Together with the New Collective Quantified Goal on Climate Finance (NCQG), the panel discussed the roles of governments, the private sector, and multilateral development banks (MDBs) toward the support of funding and attracting investments, and recognized the importance of cooperation between the public and private sectors.<\/p>\n
At the conclusion of the panel session, Azerbaijan\u2019s Energy Minister Shahbazov signed a memorandum of understanding (MOU) with IAEA DG\u2019s Grossi on cooperation in the area of energy planning.<\/p>\n
The minister then spoke about his country\u2019s aspirations in transitioning to clean energy, saying that cooperation under the IAEA\u2019s Atoms4NetZero initiative, focused on analysis of potential of nuclear energy, including small modular reactors (SMRs), would give \u201cnew momentum\u201d to Azerbaijan\u2019s energy sector. He added that the country would make progress in introducing nuclear energy and diversifying energy systems through joint R&D projects with the IAEA.<\/p>\n
As an oil and gas producing country, Azerbaijan has had little connection to nuclear energy. Serving as the COP chair country this time, it forthrightly talked about the value of nuclear energy and gave impetus at COP29 to its promotion. That was welcomed with some surprise by the attending participants as well.<\/p>\n
A new era was marked at COP28 last year when nuclear energy\u2019s importance was explicitly stated in an official COP document for the first time. Much of that is creditable to the leadership of the chair nation that year: the United Arab Emirates (UAE), with its Barakah nuclear power plants (NPPs).<\/p>\n
Attending the COP29 proceedings, UETAKE Akihito, senior managing director of the Japan Atomic Industrial Forum (JAIF), talked about the powerful tailwind\u2014the positive air\u2014that filled the COP site, saying \u201cWe were concerned that the atmosphere at COP29 might actually be cold toward nuclear power, given that Azerbaijan, a non-nuclear nation and an oil and gas producer, was the chair country.\u201d<\/p>\n
He continued, \u201cHowever, the conclusion of the MOU between Azerbaijan and the IAEA at the end of the panel session, and the country\u2019s forceful, positive attitude toward nuclear energy, were unexpected. Frankly, the COP discussions of nuclear power this time\u2014a taboo topic until a few years ago\u2015both surprised and delighted me, its having been forthrightly included in the official COP program.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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