In the latest episode of the Alongside Podcast by NorthStandard, Helen Barden speaks with Mikal Bøe, Chair and CEO of CORE POWER, about the potential of nuclear energy in commercial shipping. They discuss the significance of the International Maritime Organization's (IMO) 2023 greenhouse gas strategy and how nuclear power could help the shipping industry achieve net-zero emissions by 2050.
Mikal argues that nuclear energy is essential for reducing the shipping industry's greenhouse gas emissions. He notes,
The only energy source we have that doesn’t emit anything is nuclear.
He emphasizes that approximately 7,000 of the largest ships today emit about 50 percent of the sector's GHG emissions, presenting a significant opportunity to utilize new technologies to eliminate these emissions and improve the fleet's energy efficiency. Given the technology's proven track record in naval applications, Mikal highlights, nuclear has the potential to power both ships and shore-based fuel production facilities.
A key challenge discussed is the insurability of nuclear-powered ships. Mikal explains that the reactor technologies traditionally used in naval applications cannot be commercially insured due to their large emergency planning zones (EPZs). This prevents their use in commercial maritime. He states,
The reason we don't have nuclear ships today isn't because nuclear doesn't work. It's not because it's too expensive or it isn't safe. It's simply because we can't commercially insure it.
Yet, new advanced technologies like molten salt reactors and heat pipe reactors can meet the necessary criteria for insurability, enabling their safe and regulated use for commercial purposes.
The conversation also addresses public perception and regulatory challenges, noting that existing safety standards from the 1960s and 1970s need updating to reflect modern technologies. The Nuclear Engine Maritime Organisation (NEMO) is working with the IAEA and IMO to revise these standards. Mikal envisions nuclear-powered ships having significant operational advantages, such as eliminating the need for refueling and enabling faster and more efficient voyages.
The episode underscores the potential of nuclear power to revolutionize commercial shipping, offering a path to decarbonization and greater energy security.
