Current crisis could spur nations to invest in nuclear source: Expert

There could be more investments in nuclear energy worldwide in response to the current global energy crisis, similar to what occurred after oil prices spiked in the 1970s, said International Energy Agency (IEA) chief energy economist Tim Gould yesterday.

Following the global energy crunch, prolonged by the ongoing Russia-Ukraine crisis, nations have been restructuring their energy supply, especially those dependent on Russian gas and oil.

Said Mr Gould: "It's possible that you may, in some countries, see nuclear energy as part of the response to today's crisis."

While nuclear energy has not been accepted everywhere, its ability to generate electricity without carbon emissions is already an important contribution to global energy security, accounting for about 10 per cent of electricity generation worldwide, Mr Gould said.

He was speaking to The Straits Times after the global launch of the Singapore International Energy Week.

In March this year, a report commissioned by the Energy Market Authority highlighted nuclear energy as a potential energy source for Singapore's power sector to feasibly cut its carbon footprint by 2050.

Other emerging energy sources such as green hydrogen and geothermal were also identified as potential low-carbon alternatives to help the Republic decarbonise its power sector.

Commercial viability for low-carbon hydrogen to be scaled up is likely to occur from the 2030s, said Mr Gould.

Separately, Dr Binu Parthan, head of regions at the International Renewable Energy Agency, who attended the global launch, observed that even if geothermal sources cannot be tapped for power generation in Singapore, there could be other applications.

He said: "If there is not enough viable potential for the geothermal electricity generation, there will still be opportunities for geothermal heating irrespective of where you are in the world."