Scaling up the nuclear industry will be a significant undertaking that requires overcoming a substantial set of roadblocks. Even an optimistic scenario for an expanded nuclear economy would be likely to involve a complex, global web of policies, in addition to uneven cost levels, as technologies and the supporting industrial base emerge on different timelines. However, we believe a nuclear scale-up is achievable. It’s time for the industry to meet the challenge.
Reactor technology owners could refine their equity stories for investors, with an emphasis on getting pilots right. Nuclear industry players could also consider public—private consortiums to expedite technology development.
The promise of nuclear energy is needed now more than ever to meet global net-zero targets.
Chad Cramer is an associate partner in McKinsey’s Columbus, Ohio, office; Bill Lacivita is a partner in the Atlanta office; Jennifer Laws is a consultant in the Boston office; Muhammad Nabi Malik is an associate partner in the Houston office; and Geoff Olynyk is a senior expert in the Toronto office. The authors wish to thank Matt Cherry, Armond Cohen, Kevin Kroll, Carlos Leipner, Alexander MacKay, Jesse Noffsinger, Jane Reed, Wesley Sadler, Humayun Tai, Kurt Waltzer, and Jake Wilk for their contributions to this article.
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Accelerating the journey to net zero
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