Innovation and Energy Revolution: the World Comes Together for the Relaunch of Nuclear Energy

Every now and then, an old technology rises from the ashes and finds new life.

Out with the old, in with the new! This is the natural path of innovation. PCs killed typewriters, for example.

Smartphones have replaced telephones, pocket calculators, and point-and-shoot cameras. Every now and then, though, an old technology rises from the ashes and finds new life: a reemergence.

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The mechanical wristwatch

Take the mechanical wristwatch for example. Swiss watchmakers dominated the industry for centuries until the mid-70s, when the Japanese introduced low-cost manufacturing methods to produce high-precision quartz watches. Companies like Seiko and Casio have cornered the quartz market. By 1983, two-thirds of the jobs in the Swiss watch industry had disappeared and the country produced only 10% of the world's watches.

In recent years Switzerland has re-emerged as the world leader in watch exports (by export value), due to a newfound market demand for old-fashioned mechanical watches.

Energy Revolution

As part of the 28th United Nations Climate Change Conference (COP 28) of 2023 in Dubai, more than 20 countries have agreed on a historic goal: tripling global nuclear energy capacity by 2050. This commitment aims to change the negative perception that has surrounded nuclear energy since the Chernobyl and Fukushima accidents. However, the Spain took a different position, excluding itself from the agreement together with Germany. What are the implications of this decision?

A Historic Change in Nuclear Energy

During the COP28, countries such as the United States, France, the United Kingdom, Canada and Japan, among others, have agreed to work together to triple the production capacity ofnuclear energy. This change marks the end of decades of demonization of this source energy and highlights the need to diversify strategies to combat climate change.

THEnuclear energy, once excluded as a clean source, is now positioned as a key element in the transition towards a more future planet. Despite the benefits of this decision, the absence of Spain and Germany raises questions about global cohesion on this aspect of the energy transition.

Spain and Germany: Exceptions in Nuclear Energy

Although more than 20 nations have supported the increase innuclear energy, Spain and Germany chose not to sign the agreement. These two countries, the only ones in the world with nuclear power plants, have decided to close their plants, thus defying the global trend. The key question is: what are the reasons behind this decision and what impact can it have on them climate goals?  

While most look for a combination of energy renewable e nuclear to reduce emissions, Spain and Germany have taken a different path, distrusting nuclear power as part of theirs climate strategy.

The Role of the World Bank and the Presence of Paraguay

The signatory countries have extended the invitation to financial entities such as World Bank to support nuclear energy in energy loan policies. This appeal highlights the crucial role that nuclear energy can play in achieving zero emissions net and achieve the Sustainable Development Goals.

Furthermore, the speech of the president of Paraguay to COP28 adds a unique perspective on the equitable approach to climate challenges. Paraguay, with 100% of its clean energy and renewable, presents itself as an example to follow in the search for one Sustainable Development without excessively influencing the current energy situation.

Spain's decision to exclude itself from the agreement to boost nuclear energy highlights the complexity of national strategies in energy transition. 

While some countries are betting on nuclear power as a key component, others, like Spain, are looking for alternatives. What will be the most effective way to address the climate change?

The answer could definire the future of energy and electricity tariffs worldwide. In a world increasingly aware of the need for sustainable solutions, the diversification of energy sources presents itself as the key to a brighter future Verde and resilient.

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