When it comes to achieving a climate neutral economy with net-zero greenhouse gas emissions by 2050 nuclear energy can efficiently and sustainably support the world's growing energetic needs and ensure the diversification and security of our energy supply.

What happens to these objectives when a global leader in engineering and construction for the energy and infrastructure sectors operating both off- and on-shore partners with a rapidly emerging innovator in nuclear energy developing liquid lead-cooled, reprocessed nuclear waste-fuelled, Gen-IV Advanced Modular Reactors (Dealflower, 2024)? Great things.

Saipem and newcleo have signed the first agreement between European companies to study offshore applications of the latter's Small Modular Lead-cooled Fast Reactor (SM-LFR) technology with the aim of developing floating nuclear power prototypes to generate zero-emission electricity. By combining their expertise, this partnership aims to deploy one of the most promising small nuclear fission technologies. The reactors will use passive safety systems, which rely on natural forces instead of active mechanisms, making them especially suited for marine environments. These reactors are also more efficient in using extracted uranium than conventional reactors, as they can reuse spent nuclear fuel, aligning with circular economy principles (Saipem, 2024; newcleo, 2024).

The news of this partnership comes at a time where major investors such as Bank of America, Barclays, BNP Paribas, Citi, Morgan Stanley, and Goldman Sachs have pledged to invest in the nuclear industry. These financial institutions, along with others like Crédit Agricole and Société Générale, aim to support the goal of tripling global nuclear energy capacity by 2050. Despite the historic challenges and controversies around nuclear financing, this public show of support signals a shift in the perception of nuclear energy as a critical component of the transition to low-carbon power sources. This move aligns with the commitments made at COP28 and follows growing support for nuclear energy from both governments and the tech industry (Financial Times, 2024).