Europe risks losing out to China and the US in the race to supply the technologies needed to roll out renewables and slash industrial emissions.

“The European Commission’s carbon capture ambition is significant at ~450 million tonnes of CO2 by 2050, of which around 40% will come from direct air capture (DAC) alone, the most expensive carbon capture process.

While the outlook is weak, the bank said it expects no major deterioration in the labour market, which has insulated the economy so far, and Germany was not facing a broad-based, prolonged recession.

The year 2024 is projected to be a potential turning point for the power industry, as it could witness a significant shift towards renewable energy.

In 2024, Energy consumers have more questions about the state of the Energy Industry's current initiatives than answers. Some areas to focus on include decarbonization, technology implementation, energy storage, and emergency responses.

The construction of two 1200 MWe Hualong One reactors as Phase I of the Jinqimen plant was approved by China's State Council at a meeting on 29 December last year.

Atomic power would need to account for 40% to 45% of electricity supply, from about 30% now, for Korea to zero out its emissions by mid-century,

The UK’s nuclear sector has launched its first sector-wide initiative to attract and recruit people over the next two decades into the civil and defence nuclear workforce.

A key focus of the partnership will be on hydrogen isotope management within the fusion fuel cycle, safely removing, processing, and reinjecting fuel to the plasma in a continuous manner.

But geologists now believe hydrogen is generated in large quantities when certain iron-rich minerals react with water, Alexis Templeton of the University of Colorado, Boulder, told the AAAS conference.

"Those countries that opt to use nuclear energy or support its use recognise its potential as a clean energy source that can reduce dependence on fossil fuels, to address the climate crisis and improve global energy security," a ministerial communiqué released at the end of the event said.

The European Commission on Thursday said Germany will be the biggest drag on euro zone growth this year and next, with growth of only 0.3% in 2024 rather than 0.8% expected in November and 1.2% in 2025, after a 0.3% recession last year.

The aid provided by seven countries is expected to unlock an additional 5.4 billion euros in private investments, with 32 companies participating in 33 projects, the commission said.

Demand for renewable energy resources has never been more robust, and billions of dollars in federal funding are now available to support projects designed to meet the demand. Projects that qualify for funding are designed to harness energy from water, wind or solar sources. Some technology projects are also eligible.

In addition to creating a working group to support plans to design, construct and commission the new units at Kozloduy, the two countries will also "explore collaboration on research and training programmes and developing Bulgaria's nuclear supply chain resilience".