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As climate change becomes more certain, the drive to build a low carbon economy increases. This is happening against a backdrop of growing global energy demand and heightened concerns over the security of energy supplies. Nuclear power is one of a number of technologies and measures that, in combination, could build this low carbon economy.
Energy efficiency, renewable power, nuclear power, gas and coal with associated carbon capture and storage can all reduce carbon dioxide emissions, having huge theoretical potential tempered by issues of cost, public and consumer acceptance and political will. The mix, therefore, will vary over time reflecting different stages of technical development, relative attractiveness and market readiness. While nuclear power already exists and does not emit carbon as it generates electricity, it is unclear if current technology is cost competitive under current and future market conditions and concerns related to safety and the environment are aggravated by the lack of an agreed approach to the management of nuclear waste.
State support for nuclear power in the past makes it difficult to assess performance objectively. Private investors need to do this and will demand transparency before committing to new nuclear investment. Government should, therefore, ensure that the power market is open to all low carbon technologies, offering a level playing field with incentives to bring the cost of new technologies down. Any new nuclear capacity would then compete with other forms of power generation and be exposed to commercial forces.
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