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invest in both long-term operation and new build so as to replace retiring units,” said the report. “Governments should ensure price transparency and the stable policies required for investment in large capital-intensive and long-lived base-load power. Policies should support a level playing field for all sources of low-carbon power projects.” This is particularly important to OECD countries, where nuclear power is the largest source of low-carbon electricity, providing 18% of their total electricity. Even though the use of electricity grows over the timeframe to 2050, the increase of nuclear power from 377 GWe today would contribute 13% of the emissions reduction needed to limit global warming. In the near term, small modular reactors “could extend the market for nuclear energy” and even replace coal boilers forced into closure in order to improve air quality. “Governments and industry should work together to accelerate the development of SMR prototypes and the launch of construction projects (about five projects per design) needed to demonstrate the benefits of modular design and factory assembly.” In the longer term the IEA wants so-called Generation IV reactor and fuel cycle designs to be ready for deployment in 2030-40.

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