Off the Siberian coast, the Russian ship Akademik Lomonosov has been docked for four years, serving as the world’s first floating nuclear power plant. Using small modular reactors (SMRs), it supplies energy to around 200,000 people. SMRs are also used in US submarines and are fast becoming a critical technology in the global push to cut fossil fuels.
SMRs are smaller and less costly to build than traditional reactors, making them an attractive option for many countries. The US, Russia, and China are fiercely competing to dominate the SMR market. The Biden administration is investing billions into SMRs, seeking to reclaim leadership in nuclear technology. While China leads in nuclear construction and Russia dominates SMR fuel production, the US is racing to catch up.
Despite its efforts, the US has yet to get a commercial SMR operational on land. SMRs could revolutionize the global energy market by providing a cost-effective, scalable solution to the urgent need for decarbonization. They are easier to build, require less space, and can be delivered and assembled on-site.
Nuclear energy, including SMRs, is seen as vital in the transition to cleaner energy. The International Energy Agency (IEA) projects that nuclear power must more than double by 2050 to meet global climate goals. The US is aggressively promoting SMR technology to countries new to nuclear power, emphasizing safety and efficiency.
A nuclear renaissance is on the horizon, with global nuclear power generation expected to reach record highs by 2025. The US is leading efforts to triple the world’s nuclear energy capacity, securing significant financial commitments to support international SMR projects. Success in this race could position SMRs as a powerful tool in combating climate change and reshaping the global energy landscape.