China spending $511 billion to build up to 245 nuclear reactors

According to Michael Kruse, consultant on nuclear systems for Arthur D. Little, the Chinese are ready to spend $511 billion to build up to 245 reactors.

Money is not an issue, which is different from the rest of the world. The Chinese have the capacity to deliver and they are deadly serious about achieving it,” says Steve Kidd, director of strategy and research at the London-based World Nuclear Association, the industry trade group.

President Hu Jintao wants non-fossil fuels to produce 15 percent of China’s energy by 2020. Although the Chinese have spent plenty on wind turbines and solar panels, only a buildup of nuclear power can make that target reachable.

“Developing clean, low-carbon energy is an international priority,” says Zhao Chengkun, vice-president of the China Nuclear Energy Association. “Nuclear is recognized as the only energy source that can be used on a mass scale to achieve this.”