China accelerates nuclear ambitions with $27.7 billion investment
The Chinese authorities have approved the construction of ten new nuclear reactors for 200 billion yuan ($27.7 billion), with a total capacity of about 12,000 megawatts, reported the Japanese weekly "Nikkei Asia" on Friday. This development suggests that by 2030, China could become the world leader in nuclear energy production, surpassing the U.S.
Eight of the planned units are domestically-produced Hualong One reactors, while two are Westinghouse CAP1000 reactors, which are based on American technology.
The new power plants will be constructed in five coastal provinces and autonomous regions. These facilities will be managed by state-owned energy companies.
This investment is part of Chinese leader Xi Jinping's strategy to reduce air pollution. In 2020, Xi announced China's commitment to peak carbon emissions before 2030 and achieve net zero emissions before 2060.
Beijing also aims to enhance the country's energy security and decrease dependence on imports. According to Nikkei Asia, China currently imports about 70% of its oil.
By the end of 2024, China had 57 reactors with a total capacity of 59.76 gigawatts, positioning the country third globally. Projections suggest that by 2030, the capacity of Chinese nuclear power plants will reach 110 gigawatts. Nuclear energy accounts for 4.7% of China's energy mix, potentially increasing to 10% by 2040.
The U.S. has the most nuclear power plants in the world. However, according to a report from the American research institute Information Technology and Innovation Foundation (ITIF), it is 15 years behind China in developing advanced nuclear energy technology.
