Hatch report for the Canadian Nuclear Association discusses nuclear financing in Canada
The Canadian Nuclear Association (CNA) and global engineering, project management, and professional services firm, Hatch, recently issued the report Nuclear Financing in Canada. This report expands on the background and motivations for supporting the Canadian nuclear industry as highlighted at the October 2022 CNA Nuclear Financing Summit in Ottawa and was a topic of a panel discussion at the CNA’s marquee annual conference in Ottawa in February 2023. Approaches used to address financial risk and sources of funding and financing are presented and assessed in the context of encouraging project success and investment from the private sector.
The sentiment that there is no credible way to transition to net zero greenhouse gas (GHG) emissions without nuclear power was echoed by many during the 2022 CNA Nuclear Financing Summit and the 2023 CNA annual conference. As countries around the world progress toward greener economies through large-scale electrification, nuclear tecnology will prove a vital technology to enable this shift. Further, with energy security becoming increasingly relevant in today’s world, the need for a strong nuclear sector is evident. Beyond its critical role in ensuring the grid is decarbonized and sufficient to meet future electricity demand, nuclear is also a promising solution for providing reliable, off-grid, carbon-free energy to industrial end users.
Canada is well-positioned to benefit from its competitive position within the nuclear industry globally—from the fuel supply chain through to power generation, research facilities, and nuclear expertise. The support of government, industry, and the financial sector will determine the viability and ultimate success of Canada’s existing nuclear infrastructure and implementation of new nuclear technologies.
As John Gorman, president and CEO of the Canadian Nuclear Association has highlighted:
“The Canadian nuclear industry is in a period of unprecedented momentum and optimism, with concrete plans for new nuclear projects across the country. Turning this optimism into finished projects will require working closely with government, industry, and the financial community to ensure new nuclear in Canada can be delivered on time and on budget.”
For industry and the investment community, the confidence provided by strategic, long-term government commitment to nuclear power remains vital. The government can use a variety of methods to share and mitigate project risks to support the nuclear industry and encourage investment from the private sector.
“As global energy consumption continues to increase, a sustainable energy mix is the only solution. That is, new nuclear fission and fusion reactors complemented by other clean sources of energy. And we will only get there if we continue to invest in technology and innovation.”- Amar Jolly, Hatch Global Director, Nuclear
There is a present urgency to reestablish Canada’s leadership in the civil nuclear sector. Recent losses and threats to energy security have had an impact worldwide, with countries now looking to diversify their power portfolios and move away from reliance on nations that are not trustworthy. Clarifying the primary concerns of the investment community ensures that funding approaches chosen for risk mitigation are effective. The appropriate sharing of financial risks and opportunities is required for the anticipated growth of the Canadian nuclear industry.
We invite you to download our abridged report here.
With nuclear the possibilities are endless for our greener future. We’re optimistic about what lies ahead. About maximizing green technologies. About reducing CO2 emissions. About providing accessible and sustainable energy for all.
To learn more about how we are responding to the energy transformation click here.
For more information, please contact:
Global Director, Public Relations
Tel: +1 905 403 4199
Hatch is a global engineering, project management, and professional services firm. Whatever our clients envision, our professionals can design and build. With over six decades of business and technical experience in the energy, infrastructure, and mining sectors, we know your business and understand that your challenges are changing rapidly. We respond quickly with solutions that are smarter, more efficient and innovative. We rely upon our 10,000 staff with experience in over 150 countries to challenge the status quo and create positive change for our clients, our employees, and the communities we serve.
Find out more on www.hatch.com