In the global pursuit of carbon neutrality, nuclear power emerges as a contentious yet potentially pivotal solution. Its attributes, such as being slow to build, expensive, and accompanied by inherent risks, stand in contrast to its capacity to avert emissions associated with conventional fossil fuel-based electricity generation. This discourse explores the role of nuclear power as an avenue for reducing carbon emissions while acknowledging its multifaceted challenges.

Nuclear power represents a distinctive approach to electricity generation. It operates by harnessing the energy released through the splitting of atomic nuclei, thereby generating electricity with significantly reduced greenhouse gas emissions compared to coal-fired plants. However, its adoption is entangled in complexities, encompassing issues of cost, waste management, and the specter of catastrophic events, including meltdowns and radiological releases. Abandoned uranium mines and associated environmental concerns further complicate its path.

In line with conventional practices, our solution advocates for electricity generation through nuclear fission, particularly utilizing uranium-235 in pressurized water reactors. This approach supersedes conventional methods of electricity generation, such as coal, oil, and natural gas power plants. Nevertheless, it is essential to view nuclear power as a measure of last resort, one that holds great potential in mitigating emissions but is laden with numerous apprehensions. Its viability hinges upon substantial technological advancements.

The analytical framework of this study primarily considers the adoption of nuclear fission in pressurized water reactors, a prevailing form of nuclear energy. Advanced reactor technologies, including thorium-based reactors and gas-cooled reactors, though promising, fall outside the scope of this analysis.

We based the total addressable market for the Nuclear Power solution on projected global electricity generation from 2020 to 2050. Our scenario here is that nuclear power will capture 14 percent of the electricity generation market share in 2050 (5,881.05 terawatt-hours). We base this on the evaluation of six climate optimistic scenarios and ambitious solution adoption scenarios from IEA (2023) Energy Technology Perspectives 2DS and B2DS scenarios; IEA (2018) World Energy Outlook SDS; Equinor (2018) Renewal Scenario; Grantham Institute and Carbon Tracker (2017) with the strong mitigation policy scenario, with Original technology costs and Medium energy demand; and IEEJ (2023) Advanced Tech Scenario; using a medium growth trajectory.

The cost dynamics of nuclear power come into focus, with an estimated average installation cost of US$10,831 per kilowatt, surpassing the US$2,322 per kilowatt typical of conventional technologies that nuclear power replaces. The average capacity factor of nuclear power stands at 82 percent, significantly higher than the 57 percent found in conventional technologies. Operation and maintenance costs differ notably, with an average fixed cost of US$141.45 per kilowatt and variable cost of US$0.03 per kilowatt-hour, as opposed to US$45.11 per kilowatt and US$0.005 per kilowatt-hour for conventional technologies. Additionally, an average cost of US$0.0045 per kilowatt-hour is attributed to uranium.

Under the scenario presented, the net first cost for adopting nuclear power totals US$230.02 billion, with the promise of US$432.8 billion in lifetime net operational savings. This anticipates the mitigation of 3.17 gigatons of carbon dioxide equivalent greenhouse gas emissions between 2020 and 2050.

The adoption of nuclear power is contingent upon several critical factors. Accelerating trends include public acceptance, technological advancements reducing radioactive waste, government support through subsidies and loan guarantees, and the imposition of carbon taxes. Conversely, decelerating trends involve public apprehension, nuclear incidents, skills training shortages, and construction-related delays and cost overruns.

Increasing the adoption of nuclear energy offers several advantages, including its zero-carbon generation, provision of baseload capability, high capacity factor, and the ability to harness waste heat for other applications. However, disadvantages persist, encompassing the challenge of legacy waste management and the formidable hurdle of public risk perception, which amplifies the cost of capital for new nuclear builds.

Nuclear power, while laden with complexities and risks, stands as a compelling last-resort solution for mitigating carbon emissions in the pursuit of carbon neutrality. Its ability to generate electricity with significantly reduced greenhouse gas emissions offers a vital avenue in the transition to a sustainable energy landscape. However, the realization of nuclear power's potential hinges on technological advancements, public acceptance, and comprehensive management of its challenges.

References.
International Energy Agency (IEA). (2018). World Energy Outlook 2018. Retrieved from: https://webstore.iea.org/world-energy-outlook-2018

Institute of Energy Economics, Japan (2023). IEEJ Outlook 2023— Energy, Environment and Economy Challenges for achieving both energy security and carbon neutrality. [Advanced Tech Scenario]. Institute of Energy Economics, Japan. Retrieved from https://eneken.ieej.or.jp/en/report_detail.php?article_info__id=10974

Grantham Institute- Climate Change and the Environment and Carbon Tracker Initiative (2017). Expect the Unexpected. The Disruptive Power of Low-carbon Technology. Retrieved from: https://www.imperial.ac.uk/media/imperial-college/grantham-institute/public/publications/collaborative-publications/Expect-the-Unexpected_CTI_Imperial.pdf

IEA (2023), Energy Technology Perspectives 2023, IEA, Paris https://www.iea.org/reports/energy-technology-perspectives-2023, License: CC BY 4.0

IEA (2023), World Energy Outlook 2023, IEA, Paris https://www.iea.org/reports/world-energy-outlook-2023, License: CC BY 4.0 (report); CC BY NC SA 4.0 (Annex A)