Advanced, next generation nuclear technologies can play an important role in building Australia’s economic performance and prosperity on the path to net zero emissions by 2050.
Nuclear energy is used around the world to provide affordable zero emissions power 24/7 at industrial scale.
Over the longer term, nuclear energy can play a key role – along with other zero emissions energy sources like renewables and carbon capture and storage (CCS) – in helping Australia meet its commitments under the Paris Agreement.
The Opposition’s announcement to continue the examination of this important technology is a sensible contribution to this ongoing debate.
Last week, the US nuclear regulator approved a Small Modular Reactor (SMR) with potential application in Australia. SMRs will be commercially available by late 2020s.
Australia could work with countries such as Canada, the UK and the US to develop a harmonised regulatory framework for SMRs. This would contribute to lower construction and deployment costs, which would lower the cost of delivered electricity.
It will revitalise the nation’s nuclear engineering education potential as engineers would be required from an early stage.
This would encourage universities to develop specialist courses and partner with international universities.
Australia has a strong global reputation with respect to non-proliferation and opportunities to build on its world class uranium industry which is founded on a resource base including almost a third of global uranium reserves, supplying around 10 per cent of global uranium used to produce zero emissions electricity.
