Amazon, Google, Meta "boost" nuclear energy - Companies support tripling capacity by 2050
Amazon, Google and Meta stated that they support efforts to achieve at least a tripling of nuclear energy worldwide by 2050.
Tech companies signed a pledge first adopted in December 2023 by more than 20 countries, including the US, at the UN Climate Change Conference. Financial institutions such as Bank of America, Goldman Sachs and Morgan Stanley supported the pledge last year.
The pledge is not binding, but highlights the growing support for nuclear power expansion among major industries, finance and governments.
Amazon, Google and Meta are increasingly important drivers of energy demand in the US as they build artificial intelligence centers. The tech sector is turning its attention away from nuclear power, having concluded that renewables alone will not be enough for their energy needs.
Amazon and Google announced investments last October to help build small nuclear reactors, a still-developing technology that the industry hopes will reduce cost and timelines.
Nuclear power, a clean energy source, generates 9% of the world's electricity from 439 reactors, according to data.
In January last year, prices for uranium oxide, which is used in nuclear technology, reached their highest levels in over 16 years due to supply uncertainty and higher demand.
Despite demand, supply is still limited as global uranium production is heavily concentrated in Kazakhstan, Canada and Australia, accounting for about two-thirds of the world total in 2022.
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