Amazon, Google, and other companies have committed to helping nuclear capacity triple by 2050.
1min read Technology giants like amazon, google, occidental petroleum, and Japan's IHI have pledged to triple global nuclear capacity by 2050 to meet growing energy demands, especially in the context of surging electricity consumption by AI data centers. The World Nuclear Association expects more companies from shipping, aviation, and oil and gas sectors to join the pledge in the coming months, echoing similar goals set by over 30 countries in 2023.
The global nuclear industry is experiencing a revival, with AI data centers acting as a significant driving force. Currently, about 400 nuclear reactors are operating worldwide, providing approximately 9% of the world's electricity. Technology giants are not only investing billions of dollars in nuclear projects but also exploring small modular reactors (SMRs) as a long-term energy solution for data centers. For instance, Amazon has invested over $1 billion in nuclear projects and plans to build SMRs; Google and meta are also considering SMR technology. Meta had briefly canceled its nuclear power plan due to environmental concerns but quickly rejoined the group.
The revival of the nuclear industry is also reflected in the rising uranium price. The price of uranium oxide hit a 16-year high in early 2024 amid supply concerns and growing demand.
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