China announced the installation of 11 nuclear reactors
Last Updated on August 21, 2024 8:57 am
China has announced the installation of 11 more nuclear reactors. The State Council has approved the initiative to install these reactors in five places of the country.
These projects were approved at the executive meeting of the State Council chaired by Chinese Premier Li Qiang on Monday. Analysts said that the country has taken this decision as a commitment to reduce fossil fuel and carbon emissions.
This information was reported by the American television network Bloomberg, citing the Chinese state-owned media Xinhua.
According to the report, the new furnaces will be installed in China’s Jiangsu, Shandong, Guangdong, Zhejiang and Guangxi provinces, according to state-run media China Energy News. China National Nuclear Power has received approval to build three reactors. They reported this information on the Chinese social media WeChat.
On the other hand, the State Power Investment Corporation said it has received approval for two units. CGN Power Co., a listed subsidiary of the state-owned China General Nuclear Power Corp. It said in a filing to the Hong Kong stock exchange that it has received approval to install six furnaces at three locations.
There are currently 56 nuclear reactors in operation in China. According to the World Atomic Energy Agency, five percent of the country’s total electricity needs are met from these furnaces. The total investment for the new 11 reactors could be as much as 22 billion yuan ($3.8 billion) and construction could take five years, Chinese business publication Zimian said.
China wants to reduce the carbon emission target to zero by 2060. Analysts said that the country has taken this decision to fulfill this goal.
China has more nuclear reactors under construction than any other country in the world. According to BloombergNEF (a strategic research provider), the country is expected to overtake France and the United States as the world’s leading nuclear power generator by 2030.
Citi Securities Co. (China’s full-service investment bank) said Beijing could approve an average of about 10 new reactors annually over the next three to five years.