Canada launches an ambitious nuclear strategy to build new reactors and double uranium exports

Ottawa —
The Canadian government announced a new strategy to accelerate the development of the nuclear energy sector, including building new reactors, updating domestic nuclear technology, and expanding uranium exports, in a move aimed at enhancing energy security and supporting the transition to a low-emission economy.

Natural Resources Minister Tim Hudgson revealed that the plan targets the establishment of two new nuclear reactors by 2035, in addition to five more reactors by 2040, along with the development of the next generation of Canadian reactors and the streamlining of regulatory procedures for future nuclear projects.

Hudgson confirmed that Canada seeks to benefit from what he described as the "global nuclear renaissance," pointing out that the increasing demand for clean and stable energy sources opens significant opportunities for the Canadian nuclear sector.

The government sees nuclear energy playing a pivotal role in its plan to double the capacity of the national electricity grid by 2050 and achieve the goal of carbon neutrality, especially with the need for electricity sources capable of providing stable supplies around the clock.

Canada currently operates 17 nuclear reactors producing about 15% of the country's total electricity, with most of these facilities concentrated in the province of Ontario, along with one operating reactor in New Brunswick.

One of the main pillars of the strategy is updating the design of the famous Canadian "CANDU" reactor by 2030, which is one of Canada's most prominent technical achievements in the nuclear field and is characterized by its use of natural uranium as fuel.

The plan also aims to double Canadian uranium exports by 2040, benefiting from Canada's position as one of the largest uranium producers in the world and its possession of huge reserves of high-quality ore.

Despite the announcement of the strategy, the government clarified that it currently does not include new federal funding for nuclear projects, but intends by 2027 to establish a clear framework for government support and available financing mechanisms for future projects.

In a notable development, government officials confirmed that Prime Minister Mark Carney did not participate in the review or approval of the strategy due to conflict of interest rules, given his previous ties to Brookfield Asset Management, which has interests in the nuclear energy sector through its international investments.

The new strategy reflects a clear shift in Canadian energy policy, with growing conviction within the government that nuclear energy will be one of the main pillars to meet the increasing demand for electricity and ensure supply security in the coming decades.