Effects on Nuclear Energy on Economic Development

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Nuclear Energy Effects On Economic Development

Abstract

This paper seeks to understand the various effects that the nuclear energy program has on the economic development of any country, particularly the United Arab Emirates (UAE). Global energy requirements are only increasing with each passing day and the contribution of nuclear power to the overall energy consumption is bound to increase significantly in the coming days. Energy security and climate change are important reasons to pursue nuclear power policies. Electricity is the driving force behind development and nuclear energy provides an effective source for electricity. UAE seeks nuclear energy due to its dwindling natural resources. Economic development of the country can only be maintained by following nuclear energy programs coupled with high standards of safety and security.

Introduction

Energy is the most important aspect of economic growth in the world today as it continues to run the biggest and the smallest industries and household. Global energy requirements are only increasing with each passing day and the contribution of nuclear power to the overall energy consumption is bound to increase significantly in the coming days. For the economic development of any country, energy is a dominant requirement but the natural resources are dwindling and we need to find alternate methods of energy production (Morecroft, 2007). Under such circumstances, nuclear energy is the only valid and sustainable source that would meet future requirements.

Energy security and climate change are important reasons to pursue nuclear power policies. Electricity is the driving force behind development and nuclear energy provides an effective source for electricity. Nuclear energy provides cleaner alternative to coal based electricity and it can reduce emissions if enough nuclear reactors are built in the coming years. However, nuclear waste disposal and financing of nuclear power plants are serious impediments to the growth of this market (Morecroft, 2007). Several measures need to be implemented for the safety of the nuclear plants. Once this is achieved, the economic development of any country implementing nuclear power generation is bound to succeed. This essay looks into the various factors that drive economic development of the United Arab Emirates (UAE) with its enhanced peaceful nuclear energy programs.

Energy Security And Use Of Nuclear Energy

It has been reportedly said that energy is the lifeblood of industrial economies and it drives development of the country (Schwartz, Masciangioli and Boonyaratanakornki, 2008). With the rise in prices of oil and natural gas it is time to look for alternative methods of electricity generation so that the future generations don’t face any trouble. With nuclear energy, most countries, including the United States are seeking to cut their dependence on oil and natural gas. From the perspective of growth of any country it is important to note that natural gas dependence is very costly and it cuts the GDP of the country (Morecroft, 2007). The UAE depends largely on natural gas to generate its electricity and imports nearly 60% of gas from Qatar. However, the overall 9% growth in consumption of electricity by UAE would be very difficult to be maintained by solely depending on natural gas. It has been estimated that by 2020, nearly 40,000 MW’s of electricity would be required by UAE (Morecroft, 2007). Saudi Arabia, Kuwait, Dubai and Abu Dhabi need constant source of electricity and their continued dependence on oil and other liquids to generate electricity is bound to cut into the supplies available for export. This would take a toll on the economic growth of UAE.

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To cut down the dependence on oil and natural gas, nuclear energy is best alternative source. It has been reported that currently 14% of the world’s electricity is produced from nuclear energy. The following figure shows the overall...
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