China’s astonishing dominance of the global energy sector has been a sight to behold. The nation has overwhelmingly led the world in gas and oil production over the past few decades, and now plans to implement a similar strategy to lead the nuclear energy revival that has swept across the globe. The Asian superpower has now poured the first concrete for the new Jinqimen nuclear project in Zhejiang.
China now aims to lead the world in nuclear energy production
Since the Cold War, merely uttering the word nuclear would have raised concerns. However, as the arsenal of nuclear weapons has slowly died down as nations commit to ending nuclear weapons development, the reality is that the energy produced by nuclear projects can reshape the global market, some say for the better.
Decarbonizing the global energy industry is a shared responsibility of the energy companies that have made a fortune off the back of the health of the environment and climate. Investing in nuclear energy projects is a viable way to decarbonize the global energy market.
China has begun the process of constructing new nuclear energy facilities
The China National Nuclear Corporation (CNNC) has poured the first concrete for the nuclear island at the new Jinqimen nuclear power plant in Zhejiang province. This marks a significant step forward in advancing the nuclear energy market in China and is the third such project being developed in the province.
Investing and management of the project will be the responsibility of the China National Nuclear Power Co. This innovative initiative combines the support of the Chinese government with the private sector to bring the dream of China leading the nuclear energy rollout across the international market.
“As expanding economies continue to grow, the one source of energy that we can develop rapidly, cheaply and with next-to-no emissions is nuclear energy.” – Craig Stevens
China’s Hualong 1 reactor now leads the nuclear revival
China plans to install six reactors at the Jinqimen nuclear power plant and will no doubt make use of its world-class Hualong 1 reactor, which has swept across the global market as several nations now use the market-leading Hualong 1 reactor.
The No. 1 and No. 2 reactors for the facility were approved by the Chinese regulators in a meeting of the State Council. Each of the units that are set to be installed boasts an output capacity of 1.2 million kilowatts and an astonishing 60-year life span.
Once all the new units have been installed, the Jinqimen nuclear power plant will have an installed capacity of around 7.2 million kilowatts and will generate an eye-watering 55 billion kilowatt-hours of electricity every year. China has recently authorized the addition of ten new reactors as part of its multi-site expansion program.
“All countries need to honor their commitments and responsibilities by adopting effective measures to secure nuclear materials and facilities. All countries should properly handle the relationship between nuclear security and the peaceful use of nuclear energy. Nuclear security measures should help foster an enabling environment for peaceful use of nuclear energy by all countries and facilitate related international cooperation.” – Former Chinese President, Hu Jintao
The development of the global nuclear energy sector is set to reach new heights this year
China is not alone in its nuclear energy ambitions; the United States has been advancing its nuclear energy sector thanks to the new approach from the current administration. Trump has been approving several nuclear energy projects in recent months. The reality is that the US and China are set to advance the sector this year, as market analysts point out that the global nuclear buildout is set to reach new heights this year.
