Atomic age

At the dawn of the first atomic age, optimists conceived of a world powered by cheap, abundant, emission-free nuclear power. Plagued by historically high construction costs, several well-known disasters, and related low public support, nuclear fission’s share of energy generation has declined from 16% of global power generation in 2005 to less than 10% currently. However, recent breakthroughs in nuclear fusion coupled with advancements in small modular reactors and investments from leading technology platforms, bring renewed hope for the industry. According to the International Energy Agency (IEA), more than 60 nuclear reactors are currently under construction with the potential to generate more than 70 gigawatts (GW) of new capacity. However, given many of the new plants will only become operational in 2030, nuclear energy’s share of global electricity generation is expected to remain under 10% over the next decade. Nevertheless, as our Digital Innovations strategy team notes in their 2025 Outlook, new challenges bring fresh ingenuity paving the way to a new golden age of invention.

Source: Bloomberg New Energy Finance, January 2025