3 Reasons Why Canada Can Become a Global Nuclear Leader

3 Reasons Why Canada Can Become a Global Nuclear Leader

Canada: the land of beavers, maple syrup, and superstar hockey players. The Great White North is known for many things. Nuclear power isn’t really one of them. But it doesn’t have to be this way…

At present, 15% of the electricity Canadians use comes from nuclear power originating from 17 reactors based mostly in Ontario. To put those numbers into context, 14 countries had 25% or more of the electricity share coming from nuclear power in 2023, and the United States has the most nuclear reactors of any country, with 94.

Canada isn’t currently a world leader in terms of nuclear power production, but our fate is far from sealed. Here are 3 reasons for optimism regarding Canada’s nuclear power production capacity going forward:

1. Uranium for Days

Uranium is the major input needed for nuclear power production, and can be difficult and expensive to mine. A major reason Canada can be a leader in nuclear power production is because Saskatchewan – the humble-but-mighty prairie province – has some of the richest and highest quality uranium deposits in the world.

Canada is top 5 in the world for both uranium production and reserves, and is home to deposits that’re of a grade 100 times higher than the global average. Under Saskatchewan’s golden prairies are more than 550,000 tonnes of uranium. Current production from these reserves was about $1.1 billion in 2022, with most of the mined uranium being exported worldwide.

With such rich uranium reserves, Canada has ample fuel for nuclear power production for decades to come. Saskatchewan-produced uranium can be transported to current nuclear facilities in Ontario and New Brunswick and to future facilities across the country.

According to Cameco – the world’s largest publicly traded uranium company – the uranium outlook going forward in Saskatchewan is the best in the world. It’s a better time than ever for Canada to bolster nuclear development and realize our potential as a global nuclear powerhouse.

2. Pro-Projects Government (s)

You’ve heard about it on the news a million times in the last few months: the US trade war. President Trump’s tariffs announced at the beginning of the year sent the Canadian economy into chaos, and made economic resilience a major ballot issue in the recent election.

A silver lining amidst this economic turmoil, however, has been a new pro-projects federal government, as well as a number of provincial governments singing the same tune. In the name of economic strength and independence, Prime Minister Carney has made project approvals a priority so far in his tenure.  For example, recently proposed federal legislation will fast-track “national-building projects” – those that best serve the economic or other interests of Canadians.

Specific to nuclear power, federal government has explicitly indicated its support for further development. Through new nuclear reactor construction and advancement of technologies like Small Modular Reactors (SMRs), the feds see nuclear power as “crucial to ensuring energy independence.”

Though the federal government has supported nuclear development in the past, it’s the recent action on project-building policies that will attract investment into Canadian nuclear projects and drive Canada’s growth as a global player.

3. Shifting Attitudes Towards Nuclear Development

It’s not only the Canadian government that’s optimistic about nuclear energy development. Governments and industry players around the world have renewed optimism in the future of nuclear power – they’re calling it a “nuclear renaissance.”

According to the International Energy Agency, nuclear power production globally will reach record highs in 2025 as investments in constructing new nuclear facilities increases. SMRs, in particular, are said to be getting more attention from private-sector investors because their construction timelines are shorter than traditional facilities and they offer a greater scope of cost reductions.

What’s more, the World Bank recently lifted its long-standing ban on providing funding for nuclear projects, which paves the way for it to support SMR development around the world. The massive international lender has committed to investing in improving grid capacities, extending the life of existing nuclear reactors, and building new ones.

With this global uptick in nuclear interest, Canada is presented with two major opportunities: one to bolster uranium development to feed growing domestic and international demand, and another to improve its nuclear power generation capacity through international investment and collaboration.

We’re already seeing hints of the nuclear power leader that Canada can be: the Ontario government just approved a $7.7 billion SMR project that would be the first of its kind in the G7 when built.

This is a testament to Canada’s potential, and hopefully a taste of what’s to come in terms of future uranium and nuclear power growth. At a crucial turning point for Canada’s economy, it’s time to approve, build, and prosper.