Projecting growth in nuclear fuel demand and global cooperation due to recent nuclear energy pledges

At the COP28 meeting in December 2023, twenty-two countries pledged to triple global nuclear power capacity by 2050. With the projected growth in demand for nuclear fuels, many countries will likely seek to diversify their fuel supply. This project will estimate the projected growth in demand for uranium fuel by 2050 in COP28 pledge endorsement countries based on projected growth in demand for electricity and assessments of readiness for commercial nuclear power in newcomer countries. It will then analyze the shifting geography of where this demand will occur as compared with where uranium ore is currently produced. This analysis found that demand for nuclear fuels will increase by 20%, 10%, and 5% in each country, depending on various factors, with a 152.8% increase in demand globally by 2050.