Canada: Canada plans to rapidly expand its nuclear power sector to contribute heavily to the country’s energy demand. Nuclear power currently contributes around 15% of Canada’s energy, but with plans to develop several new nuclear facilities, this figure is expected to grow significantly in the coming decades.

According to Oman News Agency, the 2023 Federal Budget showed strong support for nuclear power, including a refundable Investment Tax Credit (ITC) for clean electricity and a 30% ITC for clean technology manufacturing. The budget also backed nuclear power through several other initiatives, including an extension of reduced tax rates, funding from the Canada Infrastructure Bank, cash for the regulatory authority, and half a billion dollars in Small Modular Reactor (SMR) project investment.

Meanwhile, the Canadian energy firm NexGen is developing a project that could make Canada the world’s biggest producer of uranium over the coming decade. NexGen’s mine in the uranium-rich Athabasca Basin of northern
Saskatchewan is now valued at almost $4 billion.