It has been a “strategic mistake” for Europe not to invest more in nuclear energy over the past few decades. This was stated by European Commission President Ursula von der Leyen in a speech at a nuclear energy summit in Paris.

Von der Leyen also announced that the European Commission has a plan ready to have small modular nuclear reactors up and running by “the early 2030s.”

Key role for small modular reactors

In 1990, one-third of Europe’s electricity came from nuclear energy, but today that figure has fallen to around 15%. “This decline in the share of nuclear energy was a choice, but I believe it was a strategic mistake for Europe to turn its back on a reliable, affordable source of energy with low emissions,” Von der Leyen said.

According to the Commission, soaring oil, gas, and electricity prices driven by unrest in the Middle East show how painfully dependent Europe still is on expensive energy imports.

The Commission President describes the combination of renewable energy and nuclear energy, away from fossil fuels, as the ideal combination for the future electricity supply. In addition to traditional nuclear reactors, she also envisages a key role for small modular reactors, which should be operational in the early 2030s.

Speeding up the licensing process

To achieve this objective, the European Commission is providing a 200 million euros guarantee to mobilize private investment for the development of new nuclear technology. The Commission also wants to work with Member States to harmonize national regulations and speed up the licensing process.

Last year, the Commission launched an industrial alliance for small nuclear reactors. It also relaxed state aid rules to expand funding for nuclear fission and fissile materials. In addition, it wants to invest more than 5 billion euros in nuclear fusion research in the next multiannual budget starting in 2028.

“Necessary for EU strategic autonomy”, says De Wever

These plans are perfectly in line with the vision of Belgian Prime Minister Bart De Wever (N-VA), who sees small modular nuclear reactors (SMRs) as a lever for industrial transformation and competitiveness.

De Wever attended the summit in Paris, and the aim was to seek support from French President Emmanuel Macron on the sidelines of the event to boost negotiations with Engie on the Belgian nuclear dossier.

The federal government has decided to give nuclear energy a structural place in the future energy mix once again. “In the short term, this means extending our current capacity to the maximum and in complete safety,” said De Wever at the summit. “In the medium and long term, we will build new nuclear capacities both with large reactors and with innovative technologies.”

France vs Austria

The European treaties give member states the freedom to decide on the composition of their national energy mix. France is a major advocate of nuclear energy, while a country such as Austria is strongly opposed to it.

Austria can afford to be against nuclear energy because around 60% to 70% of its electricity is generated by hydropower. Together with wind and solar energy, the country, which unanimously adopted the “Federal Constitution for a Nuclear-Free Austria” in 1999, has one of the highest percentages of renewable energy in the EU.

In Germany, then-Chancellor Angela Merkel, a party colleague of Von der Leyen, decided to accelerate the nuclear phase-out after the Fukushima disaster in 2011. The last reactors were shut down in 2023.

Luxembourg, Portugal, Denmark, Spain, and Germany are also joining forces with Vienna to prevent EU subsidies from flowing to nuclear energy instead of wind and solar power. However, the CDU/CSU, the party of Chancellor Friedrich Merz, wants Germany to become a pioneer once again in the development of Small Modular Reactors.

However, they face fierce opposition from the “Nuclear Alliance”, led by France. This bloc has grown in recent years and now includes some 12 to 14 countries, including Belgium and the Netherlands.

The target is to triple global nuclear capacity by 2050

The renewed interest in this energy source requires significant financial leverage to triple global nuclear capacity by 2050, a target adopted in a declaration at COP28 in Dubai and endorsed by some 30 countries since 2023. Five new countries have now been added to the list: Brazil, China, South Africa, Belgium, and Italy.

This year marks the 40th anniversary of the Chornobyl disaster (Ukraine) and the 15th anniversary of the Fukushima accident.

Today, nuclear power accounts for 10% of global electricity production, with around 450 reactors in 30 countries.

EIB will invest €75 billion in green energy

Yesterday, the European Commission also presented its new Clean Energy Investment Strategy in Brussels. The Commission estimates that €660 billion in investments will be needed annually until 2030 to achieve the climate targets.

In direct support of this new policy, the European Investment Bank (EIB), led by President Nadia Calviño, has pledged to mobilize more than 75 billion euros in financing over the next three years to support a greener society.

The money is specifically earmarked for clean technologies, energy efficiency, and modernizing infrastructure (such as electricity grids). With this new €75 billion pot, the EIB can also provide loans to companies building the infrastructure for SMSs.