Speaking to the Korean nuclear industry at the 39th Korea Atomic Power Annual Conference on April 26, 2024, in Busan, Mikal Boe CEO of CORE POWER outlined how moving transport of global trade away from fossil fuels presents an almost unsurmountable challenge of scale.
Ocean transport is an $8 trillion industry and the backbone of global trade, moving 80% of all goods worldwide. To do that work, ocean transport consumes around 250 million tonnes of fossil fuels equivalent to almost 3 billion MW hours of energy annually, causing close to 1 billion tonnes of CO2 emissions every year, which is 1.5 times that of Korea.
Mr Boe told the audience: “Nuclear power can provide the solution. No other energy source or power system can give us a true zero emissions footprint.”
CORE POWER, supported by important companies in the global maritime industry, is working to build a brand-new market for New Nuclear in Maritime.
Floating nuclear works, Boe said, pointing out that nuclear power has been used by navies since the 1950s, which has proven that reactors can be operated safely in all sea conditions. Nuclear-powered ships can travel millions of miles without refuelling, with ZERO emissions.
“Working with partners in the USA and Hyundai Heavy Industries in Korea, we are building a new nuclear solution, utilizing shipyard manufacturing, which can solve the polluting effects of global trade. Our solution can be used on ships directly, or on floating nuclear power plants to produce cleaner fuels for shipping,” Boe explained. Floating nuclear power could also supply clean energy to other coastal industries and communities.
He continued: “With floating nuclear we can achieve true modularity of construction which dramatically reduces cost and time when deploying modern nuclear solutions.” Boe outlined the differences between conventional reactors used by navies, and advanced next generation reactors that can enable a commercially insurable solution for nuclear-powered ships and floating nuclear power to operate in ports and nearshore environments. Explaining the legal landscape, he said CORE POWER is also actively involved in shaping the framework for how floating nuclear power and nuclear ships are regulated.
“It’s a big challenge and we must be brave and think big to solve it, but, when we succeed, amazing things can happen,” Boe concluded.