The world is turning to nuclear. Canada should lead 

Energy security was already a top concern in this era of volatile geopolitics. But the calamity unleashed by Donald Trump in Middle East has highlighted the risk of depending on a global energy system with long  supply chains and unpredictable players.

Countries around the world are now searching for more reliable sources of energy. Good news for Canada, which is blessed with an abundance of natural gas, LNG, oil and hydro. But Canada also needs to be thinking longer term for ways to meet our energy needs, limit exposure to energy shocks and, importantly, unlock economic growth — that plan has to include nuclear.

Canada is a Tier 1 nuclear nation  — one of only six countries in the world with a domestically designed and exportable nuclear technology portfolio. And with Ontario Power Generation (OPG) having already begun construction on the G7’s first grid-connected small modular reactor (SMR) at Darlington, Canada has earned a rare first-mover opportunity in a global industry poised for dramatic expansion.

The United States and Japan recently announced a $40-billion joint investment in the same SMR technology being built at Darlington. But OPG’s reactor is the only one expected to be up and running by 2030, and the bulk of the supply chain (including all civil works) is the work of Canadian firms.

There is also renewed interest both here and abroad in large-scale power plants like Canada’s own CANDU reactors. Clean electricity demand is rising rapidly worldwide, driven by electrification, industrial expansion and the power needs of AI data centres. The Canada Energy Regulator estimates that Canadian grids will need to expand their power generating capacity by at least 84 percent from now until 2050 to meet domestic demand.

All of this adds up to a once-in-a-generation opportunity across the full spectrum of Canada’s nuclear industry, from its vast uranium reserves—the third largest in the world—to the construction and operation of power plants. The industry already adds $22 billion to Canada’s GDP each year and supports 89,000 direct and indirect jobs, with overall employment up 17 percent in the last five years.

A deeper commitment to nuclear power could mean a major boost for Canada’s economy and trade relationships —including with the U.S., which will be looking for reliable supplies of nuclear fuel for its own growing industry as Canada engages in negotiations for a new free trade agreement.

Turning this opportunity into reality will demand some serious ambition and execution — backed by real policy and financial support.The United States has already committed about US$5 billion to small modular reactors and advanced reactor research. Staying ahead will require governments in Canada to step up, especially the provinces, and will require new funding models, including public-private partnerships.

Beyond financing, project approvals need to align, enabling infrastructure needs to get built and Indigenous economic participation needs to be expanded.

Only when these elements come together will projects reach final investment decisions quickly enough.