Southeast Asian countries are increasingly turning to nuclear energy in an attempt to find a cleaner and more reliable power source. Countries like the Philippines, Indonesia, Vietnam, and Malaysia have looked at nuclear options for their growing energy demands to avoid further carbon emissions.
Technological Advancements Make Nuclear More Attractive
Recent innovations have overcome many of the safety and cost issues that had plagued nuclear power. Modern reactors are safer, cheaper and smaller. The International Energy Agency (IEA) forecasts a sharp increase in nuclear-generated electricity by 2025 based on new plants under construction and national plans.
State-run Indonesia plans to build nuclear power plants with combined capacity of around 4 GW as part of its shift towards cleaner energy amid the country’s target to phase out coal-powered plants. Under the plan, Indonesia will start building floating small modular reactors that can be completed by 2036.
Challenges Ahead
Despite enthusiasm, challenges still abound. Nuclear plants are quite costly and require long periods of time before they become profitable. International financing is becoming more available, though still limited, as entities like the World Bank are loath to fund nuclear projects. Smaller, modular reactors are emerging as a potential solution because they are faster and cheaper to build and much safer. However, cost efficiency, potential nuclear disasters, market concentration in a few countries, and the safe disposal of radioactive waste remain concerns. A shortage of trained personnel also delays progress in some countries.
Vietnam and Russia have signed an agreement on further cooperation in the development of nuclear energy. The cooperation will revive Vietnam’s nuclear energy projects, which were suspended in 2016 due to high costs and safety concerns. The partnership is part of Vietnam’s broader goal of becoming energy self-sufficient and reducing greenhouse emissions by 2050.
