投行报告-新核时代：为什么世界正在重新思考原子能（英）

GOLDMAN SACHS GLOBAL INSTITUTE 1 The New Nuclear Age: Why the World Is Rethinking Atomic Power George Lee, Co-Head, Goldman Sachs Global Institute Dejana Saric, Associate, Goldman Sachs Global Institute Misha Sohan, Associate, Goldman Sachs Global Institute ] September 2025 Goldman Sachs Global Institute GOLDMAN SACHS GLOBAL INSTITUTE 2 Executive Summary Throughout history, the commercialization of new forms of energy has given rise to fossil fuel conglomerates and renewable energy enterprises, powered energy-intensive technologies, and created new global investment opportunities. As countries now race to secure the massive amounts of energy needed for leadership in artificial intelligence, nuclear energy is newly positioned to meet the moment. When nuclear power initially rose to prominence during the Cold War, it became a defining feature of the era, symbolizing both existential threat and scientific triumph. In the decades after the Second World War, countries raced to develop civilian nuclear programs, lured by the promise of energy too cheap to meter. But after accidents like Three Mile Island, Chernobyl, and Fukushima, the momentum behind nuclear energy stalled. Public opposition surged, regulatory burdens grew, and innovation slowed. Today, nuclear energy makes up just 9% of the global electricity mix, down from approximately 18% in the late 1990s. After decades of underinvestment, a convergence of generational technological breakthroughs, intensifying geopolitical competition, and the need for clean, dense, reliable power are positioning nuclear energy for a renaissance. But the next nuclear age will look different from the last. While nuclear energy is typically associated with nuclear fission on account of its commercialization decades ago, there are actually two distinct forms of nuclear energy that exist, fission and fusion. Innovations in fission like small modular reactors (SMRs) are shaping what the revival of traditional nuclear fission could look like. Separately, the advent of fusion energy represents a technological breakthrough that could revolutionize how energy is generated, with the potential to disrupt global energy markets. Taken together, these innovations in fission and fusion could change not just how nuclear power is produced, but how nations compete, cooperate, and secure their energy futures. The commercial opportunities are far-reaching: as public and private sector investment flows into nuclear technology companies, investments will likewise be needed in the broader nuclear supply chain. Globally, countries that master advanced nuclear technologies will gain not only energy security but also longstanding commercial relationships, soft power, and the ability to shape global norms. Capturing this opportunity will require increased investment, as well as new regulatory frameworks and forms of government support. In the United States, President Trump’s promise to quadruple nuclear power generation b