Can nuclear powered vessels give us a fast route to net zero for the maritime sector?
A new report from Core Power, NorthStandard and Lloyd’s Register highlights the potential for small nuclear reactors aboard commercial ships and floating nuclear power plants (FNPPs) to support the UK’s net zero goals.
However, the paper stresses that government backing is essential for progress.
The report calls for the Department for Transport to incorporate nuclear-fuelled vessels into an updated Clean Maritime Plan. This could help meet emissions targets and unlock a £2.5 trillion economic opportunity for the UK’s maritime sector.
Growing concerns over energy security and the limitations of alternative fuels have renewed interest in nuclear propulsion.
At COP28, the UK pledged to triple nuclear energy generation by 2050, with nuclear-powered ships featuring in the Civil Nuclear Roadmap.
British peer Lord Mountevans stated: “The UK has the skills, expertise and history of innovation to lead the development of nuclear-powered shipping.”
The report also suggests FNPPs could feed power back into land-based grids, easing pressure on national infrastructure.
However, insurance and regulatory challenges remain, with Paul Jennings, MD of NorthStandard, stressing: “The ability to commercially insure nuclear-propelled ships will be vital.”
Mikal Bøe, CEO of Core Power, warned that failure to act could see Britain fall behind competitors: “Over time, the cost of inaction will far outweigh the cost of being the champion in this rapidly emerging market.”
