Bloomberg shed light on South Korea’s ambition to become one of the great powers in the peaceful nuclear energy sector after decades of developing its atomic technologies.
The site confirmed in a report prepared by the authors, Heissu Loy and Will Wade, that South Korea has been attracting the attention of countries wishing to obtain safe nuclear energy and reduce dependence on Russia and China, who are dominant in this field.
The two authors pointed out that Seoul is facing enormous opportunities to promote her products in light of her ambition to become one of the major nuclear technology exporters, despite internal political challenges and intense competition in the global market.
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Demand growth
The report adds that the global nuclear industry has witnessed a remarkable recovery in the past years, driven by climate concerns and high energy demand in light of the current technological developments.
The nuclear reactors currently contribute to about ten energy production globally, but estimates indicate the need to double this production 3 times by 2050 to avoid the worst effects of climate change.
According to the writers, more than 30 countries have committed to supporting this ambitious goal, especially since the mutations in cloud computing and artificial intelligence applications increase the pressure on energy infrastructure.
The Morgan Stanley Foundation expected last year that the AI applications will consume the in 2027 a quantity of energy equivalent to what Spain consumed in 2022.
As major companies such as Amazon, Microsoft and Meta are ready to rely more on nuclear energy, the message has become clear: an urgent need to build more reactors.
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250 billion dollars annually
Clean Air Tusk Force’s estimates of climate affairs indicate that achieving this goal requires investments estimated at 9 trillion dollars during the next 25 years, equivalent to about $ 250 billion annually.
The authors pointed out that one of the most mysterious aspects of the global nuclear boom is the determination of the one who will build the reactors, in light of the severe decline in this industry due to the high costs, the length of implementation periods, the complexities of regulations, and political opposition.
The United States and France – according to the report – suffer from chronic delays and transgressions in the budgets, while Russia and China face difficulties in attracting Western buyers due to security concerns, while Japan is still in the process of recovering from the effects of the Fukushima nuclear disaster in 2011.
Contracts of development
The authors explain that South Korea has developed local nuclear technology for decades, and its prosperous nuclear industry has become on the southeastern coast of the country, the focus of the attention of many Western countries.
After the end of the Korean war in 1953, President Singman Rai considered nuclear energy tool an essential tool for securing electricity and reconstruction, and the first commercial reactor was built in 1971 using American technology later developed by South Korea.
Today, the country includes 26 active reactions, and more is expected to be operated by 2038.
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Enormous opportunities
According to the writers, South Korea, as a relatively new player in the export of nuclear technology, appears to be an ideal location to take advantage of the world’s huge opportunities.
According to the analysis of “Bloomberg Business Week” for more than 400 planned nuclear reactors or a global proposal, South Korea is a candidate to win by 43% of these projects, which may make them one of the major nuclear technology exporters during the next decade.
Although China will become the largest nuclear energy producer by 2030, its focus will be on the local market, according to the two writers.
“We can hand over the stations on time and within the budget, and for this the world’s interest in Korean technology increases,” says Kom Yong Jang, Acting mayor of Changuun, says.
Internal disorders
Despite these aspirations and great opportunities globally, the authors assert that South Korea is still late compared to the nuclear industry, China and Russia.
The authors pointed out that the political turmoil in South Korea may hinder its nuclear ambitions, especially after the approval of the Constitutional Court in April, the dismissal of President Yoon Sok Yol, the strong supporter of nuclear energy.
It is expected that Lee Jay Meong, the opposition leader, who has not announced an official position in this context, is expected to succeed him, previously, not to build new reactors and close the existing installations at the end of their validity, which may reduce government support and financial guarantees.
