US Plans to Triple Nuclear Power Capacity by 2050

Strategy aligns with global efforts to expand nuclear power

The Biden administration’s roadmap aligns with a broader global push to elevate nuclear energy’s role in climate action.

Last year, at the United Nations Climate Change Conference, the US joined 20 other nations in pledging to triple global nuclear capacity by 2050.

This week, at COP29 in Baku, Azerbaijan, six more countries added their support to this goal, bringing the total number of signatories to 31. Among these new endorsers are nations like El Salvador, Kenya and Türkiye, highlighting nuclear energy’s growing appeal worldwide as a stable, low-emission energy source.

According to data from the International Energy Agency, global nuclear capacity has largely plateaued since the Fukushima disaster in 2011, but interest is renewing as countries confront the urgency of climate commitments and rising electricity demand.

Advanced economies, including the United States, are leading efforts to secure nuclear energy as a key component of their energy transition strategies.

Meanwhile, the US Department of Energy wants to regain America’s competitive edge in nuclear technology, aiming to position the US as a top supplier of nuclear energy solutions.

Nuclear power, which currently provides about 9 percent of global electricity, ranks second to hydropower among clean energy sources, according to the World Nuclear Association. With over 60 reactors under construction worldwide, nuclear’s role in the energy transition is expanding, supported by both governmental and private sector initiatives.

Private sector support for nuclear energy in full swing

As the US government moves to implement the framework, private sector interest in nuclear energy is similarly growing, driven in part by the demand for energy-intensive data processing and artificial intelligence (AI) applications.

Companies like Microsoft (NASDAQ:MSFT) have recently pursued nuclear energy deals to ensure consistent, high-output power for their data centers.

The company entered into an agreement in September to receive power from Pennsylvania’s Three Mile Island nuclear facility — which owner Constellation Energy (NASDAQ:CEG) is now working towards restarting — to meet the company’s clean energy goals.

With this roadmap, the US aims to position itself as a global leader in nuclear energy, reaping both economic and environmental benefits.