Pledges are in place — but can supply chains support them? Amazon, Google and Meta are just some of the heavyweights to call for more nuclear power production. On the sidelines of a recent conference, the tech giants signed a pledge to support the tripling of global nuclear power by 2050. The declaration follows a similar announcement made by major banks in  September — as well as by politicians at COP28. A total of 31 countries have now signed the pledge to triple nuclear energy capacity by 2050, along with 140 nuclear industry companies. According to the World Nuclear Association, around 9 percent of the world's electricity now comes from nuclear energy, harnessed by 440 power reactors.

The uranium spot price has increased over the last five years, a rise linked to geopolitical tensions and forecasts of greater demand. One factor is Russia’s invasion of Ukraine and subsequent sanctions brought against Moscow. While Russia is a key global supplier of natural uranium, price pressures are rather linked to the country’s ability to enrich uranium. In most reactors, the raw product must first be milled, converted, and enriched before it can be used as fuel. (Euronews)