Chart of the Week
Global nuclear momentum is rising, with the project pipeline looking increasingly positive for pro-nuclear voices. The global reactor pipeline increased from 685 (Jan 2007) to 944 (Dec 2025), a net gain of 259 units. That forward momentum is now being reinforced by a more supportive policy backdrop. Global nuclear generation reached a new record in 2024 at 2,667 TWh, slightly above the previous peak of 2,661 TWh in 2006, with growth led by Asia.
Even so, nuclear’s share of global electricity is about 9%, down from roughly 17% in the mid-1990s, because overall electricity demand has grown faster than nuclear output. Some argue that significant time was lost when sentiment towards nuclear turned sharply negative, and that the sector is now trying to catch up with a much larger, still-expanding power system.
Construction timelines remain a key constraint. Average build times of roughly 6–7 years from first concrete to grid connection mean the 2030 outlook is largely determined by what is already under construction.
The World Nuclear Association’s January 2026 outlook suggests total global nuclear capacity could reach 1,446–1,447 GWe by 2050 if operational capacity, current builds, and government targets are delivered. That would exceed the COP28 ambition to triple global nuclear capacity to around 1,200 GWe.
Demand continues to rise, and the IEA estimates global data-centre electricity use will increase from 415 TWh in 2024 to 1,300 TWh by 2035. Of this, around 220 TWh is projected to be supplied by nuclear.
Namibia has several uranium projects at different stages, including the ramp-up at Langer Heinrich and the next wave of potential new mines (Bannerman and Deep Yellow), with Swakop Uranium also aiming to lift output. All are set to benefit from the global nuclear tailwind.
Global nuclear momentum is rising, with the project pipeline looking increasingly positive for pro-nuclear voices. The global reactor pipeline increased from 685 (Jan 2007) to 944 (Dec 2025), a net gain of 259 units. That forward momentum is now being reinforced by a more supportive policy backdrop. Global nuclear generation reached a new record in 2024 at 2,667 TWh, slightly above the previous peak of 2,661 TWh in 2006, with growth led by Asia.
Even so, nuclear’s share of global electricity is about 9%, down from roughly 17% in the mid-1990s, because overall electricity demand has grown faster than nuclear output. Some argue that significant time was lost when sentiment towards nuclear turned sharply negative, and that the sector is now trying to catch up with a much larger, still-expanding power system.
Construction timelines remain a key constraint. Average build times of roughly 6–7 years from first concrete to grid connection mean the 2030 outlook is largely determined by what is already under construction.
The World Nuclear Association’s January 2026 outlook suggests total global nuclear capacity could reach 1,446–1,447 GWe by 2050 if operational capacity, current builds, and government targets are delivered. That would exceed the COP28 ambition to triple global nuclear capacity to around 1,200 GWe.
Demand continues to rise, and the IEA estimates global data-centre electricity use will increase from 415 TWh in 2024 to 1,300 TWh by 2035. Of this, around 220 TWh is projected to be supplied by nuclear.
Namibia has several uranium projects at different stages, including the ramp-up at Langer Heinrich and the next wave of potential new mines (Bannerman and Deep Yellow), with Swakop Uranium also aiming to lift output. All are set to benefit from the global nuclear tailwind.
Oliver Diggle is an economist at Cirrus Capital.
