Big tech, energy firms rally behind a nuclear-powered future

Big technology and energy firms have backed the wider use of nuclear energy as growing demand from power-guzzling data centers and factories outpaces generation.

Amazon.com Inc., Facebook and Instagram parent Meta Platforms Inc., Occidental Petroleum Corp. and Dow Inc. are among members of the Large Energy Users group, which is backing the global effort, first announced in 2023, to triple the world’s nuclear capacity by 2050.

The initiative, announced on Wednesday on the sidelines of the CERAWeek by S&P Global conference in Houston, is likely to see more firms joining it.

Some of the participants are working with nuclear firms, with Amazon and Dow signing deals with X-Energy LLC, though the reactor firm doesn’t expect to have a commercial system until the end of the decade.

“Google will continue to work alongside our partners to accelerate the commercialization of advanced nuclear technologies that can provide the around-the-clock clean energy necessary to meet growing electricity demand around the world,” Lucia Tian, head of clean energy and decarbonization tech at Google, said.

“Amazon supports the World Nuclear Association’s pledge, and is proud to have invested more than $1 billion over the last year in nuclear energy projects and technologies, which is part of our broader Climate Pledge commitment to be net-zero carbon by 2040,” Brandon Oyer, head of Americas energy and water for Amazon Web Services, said.

“As global economies expand, the need for a reliable, clean, and resilient energy supply is paramount. Nuclear energy, with its ability to provide continuous power, can help meet this rising demand,” Urvi Parekh, head of global energy, Meta, said.

“Energy is the lifeblood of global manufacturing and therefore investing and expanding access to clean, reliable, cost-competitive nuclear energy is critical to industrial progress. Dow considers nuclear energy to be a long-term competitive source of safe, firm and clean energy,” Edward Stones, business vice-president at Dow Energy and Climate, said.

During CERAWeek, many of the companies, alongside policymakers and the wider nuclear industry, gathered to discuss how nuclear energy fits into their businesses’ future strategic plans.

The consortium’s pledge was facilitated by the World Nuclear Association, which said the backing from some of the biggest companies reflects growing awareness that reactors can play a critical role in the transition away from fossil fuels.

Sama Bilbao y Leon, director general of World Nuclear Association, which represents the global nuclear industry and led the Pledge initiative, said: “The unprecedented support announced today by some of the world’s most influential companies to at least triple global nuclear capacity by 2050 sends a clear signal to accelerate policy, finance and regulatory changes that enable the rapid expansion of nuclear power.”

Laurent Odeh, chief commercial officer for Urenco, which provides enriched uranium to fuel existing and new-design reactors, said: “It will be a lot harder to address environmental concerns while facilitating economic development in the world without the reliable, 24/7 baseload power nuclear energy provides. This support is another sign for governments to enable new nuclear projects.”

Initially launched at the World Nuclear Symposium in September 2023 and in partnership with Emirates Nuclear Energy Corporation ahead of COP28 in Dubai, the goal to triple nuclear energy capacity by 2050 has earned support from 31 countries through the Declaration to Triple Nuclear Energy and more than 140 nuclear industry companies through an accompanying industry pledge.

Fourteen of the world’s largest financial institutions backed the goal in September 2024. Now, they have been joined by a cross-sector group of large energy users that have endorsed the same goal, publicly at a conference that covers the entire energy sector.