Announced at the Nuclear Energy Forum in Sapporo, Japan, the agreement seeks to utilise the resources and capabilities of each participating country’s civil nuclear power sectors.
The agreement’s primary objective is to expeditiously eliminate Putin’s presence in the nuclear fuel market, thus thwarting his efforts to finance his aggressive actions against Ukraine through this avenue.
The deal is also expected to strengthen the nuclear energy sectors of the five countries, a key factor in boosting domestic energy security and reducing electricity bills for families.
Nuclear fuel is necessary to operate nuclear power stations, which currently provide around 15% of the UK’s electricity supply and are set to make up 25% by 2050.
Speaking at the G7 Energy Ministers’ Meeting in Sapporo, Energy Security Secretary Grant Shapps highlighted how this alliance, together with investment in cleaner and more secure renewable energy sources, will be a crucial step towards making the UK energy independent.
Shapps stressed the importance of investing in clean, cheap, and secure energy sources, and called for the UK to work closely with countries such as Japan and South Korea in developing nuclear technologies like Sizewell and Small Modular Reactors.
The Nuclear Fuel Fund, launched in January, will provide up to £75 million to ensure the UK has the fuel production capabilities needed to support a nuclear renaissance and secure up to 24GW of nuclear power by 2050.