The safe and responsible use of nuclear energy should be guaranteed to attract financing for nuclear power plants, the APEC Business Advisory Council (ABAC) said.
ABAC Vice Chair for Sustainable Growth Working Group and CEO of the Aboitiz Group Sabin Aboitiz noted that long-term investments and joint initiatives between the public and private sectors are an advantage in ensuring that nuclear energy is utilized as an effective energy source.
“To attract financing for nuclear power plants, there is a need for sound and stable energy policies that instill confidence in investors,” said Aboitiz.
Additionally, the council called for the standardization of reactor designs and the development of common supply chains that can be scaled across APEC economies. This strategy aims to simplify the transition process, leading to a more efficient and cost-effective nuclear power supply chain.
Emphasizing the distinctive energy requirements and geographical limitations across regions, having a varied portfolio of nuclear reactor technologies, including SMRs (Small Modular Reactors), Micro Modular Reactors, and large-scale power plants would offer flexibility in catering to the distinct requirements of different regions.
Another benefit of collaborating with other APEC economies that have prior experience in incorporating nuclear power into their systems offered the advantage of leveraging their expertise and infrastructure. This collaboration can strengthen the supply chain, enabling emerging nuclear economies to develop their own infrastructure more effectively.
“A comprehensive review and analysis of current regulatory standards and requirements are essential to mitigate nuclear energy risks and ensure the highest safety standards. And providing incentives for cleaner energy sources, coupled with stable policies, long-term contracts, and larger commitments, is crucial for developing a robust nuclear supply chain,” added Aboitiz.