Policy, Pledges and Power: Nuclear Energy at COP 29

Hammad Waleed

At COP28 in Dubai last year, a landmark declaration to triple global nuclear capacity by 2050 was endorsed by 25 countries, emphasizing its role in achieving net-zero targets. This year, in COP29, which was held in Baku, Azerbaijan, this coalition expanded to 31 countries, signaling growing global acceptance of nuclear as a climate solution. Six more countries, including Kenya, Nigeria, and Türkiye, joined a coalition aimed at tripling nuclear capacity by 2050, bringing the total number of signatories to 31. The Director General of the World Nuclear Association remarked: “ Today’s announcement highlights the essential role of nuclear energy in meeting the Paris Agreement goals in a cost-effective and equitable manner.”

Nuclear energy has emerged as a scalable low-carbon solution, critical for achieving net-zero by 2050.

This development comes as multiple countries are exploring technologies like small and advanced modular reactors, which are cost-effective and quicker to deploy, albeit which also make it easier to phase out fossil fuel-churning power sources. The United Kingdom highlighted its ongoing projects, such as Sizewell C, and initiatives under its Great British Nuclear program to expand its nuclear footprint. In addition, the United States also announced a roadmap to deploy 200 GW of nuclear capacity by 2050, with interim goals of 35 GW by 2035. This plan is part of efforts to decarbonize and reduce reliance on fossil fuels.

The United Nations Conference of the Parties (COP) has long served as the principal global forum for discussing and negotiating climate action amidst the escalating climate crisis, marked by global warming and its myriad contributors. Over three decades, successive COPs have laid the groundwork for significant milestones, including the Kyoto Protocol and the Paris Agreement, shaping the global response to climate change. The central focus of these conferences has consistently been on advancing decarbonization efforts—a complex and multifaceted challenge given that many states remain deeply reliant on carbon-intensive processes in their industrial and energy sectors. This reliance underscores the persistent tension between ambition and practicality in climate commitments.

 Adding to the contention is the failure of many developed countries to honor their climate financing pledges, a crucial mechanism for supporting developing nations in their efforts to decarbonize and implement climate adaptation strategies.

This inequity is particularly glaring given that developing nations have disproportionately borne the brunt of climate-induced disasters over the past century. They remain the most vulnerable to the destabilizing impacts of shifting global climate patterns, from extreme weather events to long-term disruptions in agriculture, water security, and livelihoods.

Nuclear energy has emerged as a pivotal element in global decarbonization strategies. As one of the few scalable sources of low-carbon energy, it produces virtually no greenhouse gas emissions during operation, making it essential in limiting global warming to 1.5°C. Despite its potential, nuclear energy remains controversial due to concerns over safety, waste management, and high initial costs. However, advancements in technologies like small modular reactors (SMRs) and advanced modular reactors (AMRs) are shifting this narrative by offering more affordable, safer, and scalable options.

COP29 expanded the coalition to 31 nations advocating a tripling of global nuclear capacity by 2050.

Nuclear energy has long been the wallflower of COP negotiations, present but rarely embraced. A pertinent point of note is its history is scarred by high-profile disasters like Chernobyl and Fukushima, concerns over radioactive waste, and eye-watering costs that seem to dwarf its potential.

The Paris Agreement of 2015 marked a turning point, with its ambitious net-zero targets forcing countries to reconsider energy strategies. But even then, nuclear largely stayed in the shadows, overshadowed by the meteoric rise of renewables. Nuclear energy is no longer seen solely through the lens of its past failings. Instead, it is emerging as a critical component of the clean energy future, particularly as the world seeks solutions for baseload power to complement intermittent renewables like solar and wind.

However , while the nuclear discourse has finally received a spotlight, the overarching discussions revealed gaps in climate financing for nuclear projects. COP29, like its predecessors, was replete with pledges of climate financing. Yet, nuclear energy remains an outlier in this equation. Current mechanisms, such as the Green Climate Fund (GCF), overwhelmingly favour renewables like wind and solar, leaving nuclear with little more than rhetorical support. Given the high capital costs of nuclear projects, this financing gap poses a significant obstacle, particularly for developing countries. This becomes all the more evident as even the current estimations , amounting to 300 Billion dollars, are considered to be severely lacking to address climate mitigation and adaptation schemes.

The financial demands of combating climate change paint a sobering picture. The Glasgow Financial Alliance for Net Zero (GFANZ), a coalition of influential global financial institutions, estimates that achieving net-zero emissions by 2050 will require a staggering $125 trillion in investments—equivalent to $5 trillion annually. Yet, this figure may represent only the lower bound, with some forecasts nearly doubling that projection. Meanwhile, the Potsdam Institute for Climate Impact Research, a renowned German research organization, places the annual cost of mitigating the damage caused by climate change at a monumental $38 trillion by mid-century. These numbers underscore the colossal economic challenge the world faces in its quest for a sustainable future.

An economic analysis unveiled at COP29 revealed that the global funding requirement to tackle climate change effectively could range between $6.3 and $6.7 trillion annually by 2030. Of this, developing nations alone would need approximately $2.3 to $2.5 trillion each year to address their unique challenges and build resilience. However, despite the gravity of these figures, many developed nations appeared hesitant to commit to such ambitious financial contributions, reflecting the persistent disparity in burden-sharing that has long complicated international climate negotiations.

Financing gaps persist as nuclear projects lack targeted support from global mechanisms like the Green Climate Fund (GCF).

If viewed through a critical lens, the targets to triple nuclear capacity globally by 2050 are ambitious, given the current pace of deployment. Regulatory hurdles, public opposition, and the high upfront costs of nuclear projects remain significant barriers. For developing countries, the lack of targeted financing mechanisms further complicates adoption.

For developing states, the promises of nuclear energy remain tantalizing but distant. Countries like Kenya and Nigeria face not only financial barriers but also the need for extensive capacity building. Without robust international support, these nations may struggle to move beyond declarations of intent.

If nuclear energy is to fulfill its promise as a climate savior, especially in the global south, a radical rethinking of policies and priorities is required. International mechanisms like the GCF must evolve to include nuclear-specific funding streams. These should prioritize innovative reactor designs and provide guarantees to de-risk investments. Developing countries should pursue regional collaborations to pool resources, share expertise, and establish joint regulatory frameworks.

Governments and international organizations must invest in public awareness campaigns to demystify nuclear energy, address safety concerns, and highlight its role in combating climate change. Developing nations need targeted support for training and infrastructure development to ensure they can manage nuclear projects effectively. Rather than viewing nuclear and renewables as competitors, policymakers should promote hybrid energy systems that combine the strengths of both. Nuclear can provide baseload power, while renewables can meet peak demand.

For countries like Pakistan that await pledges to be fulfilled, all the while bearing the brunt of adverse climate and suffering losses, this comes as an opportunity. The participants and experts from Pakistan can initiate the debate for investments in nuclear sector and argue for targeted projects where GCF can be utilized to fund energy projects in the country. This will not only mitigate reliance of fossil fuels but also serve to make up for the losses the country’s infrastructure has suffered due to climate induced catastrophes.

Advancements in small modular reactors (SMRs) offer safer, cost-effective, and scalable alternatives for energy transition.

As the world hurtles towards climate tipping points, the question is no longer whether nuclear energy has a role to play but whether global actors can muster the will and wisdom to make it happen. COP29’s bold proclamations on nuclear energy mark a watershed moment in the global climate discourse. For the first time, nuclear is being embraced not as a relic of the past but as a cornerstone of the future. Yet, as with all great visions, the devil lies in the details.

Financing, technology, public perception, and equity must all be addressed if this vision is to become a reality. For developing countries, nuclear energy offers a unique opportunity to leapfrog into a low-carbon future, but only if the international community steps up with the necessary support. Whether it becomes a milestone or a mirage depends on the actions the stakeholders take today.

Hammad Waleed is Research Associate at Strategic Vision Institute Islamabad. He graduated with distinction from National Defence University, Islamabad. He writes on issues pertaining National Security, Conflict analysis , Emerging Technology,  Strategic forecast and Public policy . He can be reached at hammadwaleed@thesvi.org