Strasbourg, 23 April 2024
Good afternoon, ladies and gentlemen.
It is an honour to be closing this first-of-its-kind event focused on fusion. I am pleased to see here today so many representatives of the fusion community, from the EU and globally, as well as regulators, startups and supply chain companies, and international partners.
It is a sign of the growing momentum in fusion development. Certainly, you don’t need me to tell you the incredible potential fusion holds for our future energy needs. Not least, as the current geopolitical context is causing us to reassess our energy policies and priorities.
And as we seek to make the most of every tool at our disposal when it comes to decarbonising our economy and our society. Our recent 2040 Climate Target Plan emphasises this use of all available low-carbon technologies to help us achieve our ambitions, including nuclear power. While recognising that its use is at the discretion of each Member State.
For now this means conventional means of nuclear power generation, with commercial fusion power a little far away to help in this regard today.
But the speed of progress is nonetheless impressive. As I saw first-hand in February, when I had the chance to visit the Plasma Science and Fusion Center at MIT, which seeks to explore innovative ways to accelerate the pace of fusion development.
So, fusion energy technology could play a crucial role in future in our efforts to reach climate neutrality with healthy nature. It could be a real global gamechanger when it comes to reducing greenhouse gas emissions and securing, clean, affordable, sustainable energy.
For that we need a commercial fusion industry able to scale at the necessary pace to have a meaningful impact on the green transition.
But there are challenges that stand in the way. I discussed this with the experts at MIT, and I want to share some thoughts on how we can come up with workable solutions.
First, there is a need for enhanced collaboration. The ITER project, supported by 7 partners including the EU and the US pooling their financial and scientific resources, is a prime example of what can be achieved with close cooperation. In addition, fusion companies in the US are setting up partnerships and several European companies are now suppliers to their projects. But we also need to engage further to progress on some near term objectives. For example, this year’s G7 meeting, hosted by Italy, represents an opportunity to launch new initiatives for better collaboration on fusion research and pathways for regulatory certainty for fusion power plants. Further, we see the need for broad international cooperation on fusion, and we want to work closely with international partners in advancing it as a viable energy source.
Second, financing. The European Commission has for years been at the forefront of public investment in fusion research and development. But public money will never be enough on its own. It needs to be accompanied by the requisite amount of private funding. Today, we have heard from industry leaders and CEOs of fusion startups about the rapidly changing dynamics of the sector. Fusion is no longer only about large public investments in research projects. Private money is an increasingly significant source of financing, a sign of the growing confidence in fusion as a viable energy source. That’s why it should be a top priority to create a stable and positive environment for investment.
Which brings me to my third point. Regulatory certainty is key to de-risking and incentivising investments. To date, only the US and the UK have made the decision on how to regulate commercial fusion energy. Here, too, the EU and the US should engage to discuss our respective regulatory pathways. One option could be to create an ad hoc working group dedicated to regulatory matters, including representatives from the EU, the US, and the relevant Member States bodies, as well as from the private sector and financial institutions. This kind of approach, bringing together all stakeholders from a given sector, has proven extremely valuable in our recent series of clean transition dialogues with industry. It has helped us in identifying the problems and bottlenecks being experienced on the ground, and developing possible solutions. Regulatory matters around fusion energy could also be discussed more widely, with like-minded partners, to ensure that we all follow the same basic principles and can strive to build a broader consensus. This will help us send the message that we see the potential of this technology, and stand ready to assist in its development – crucial for attracting the necessary private financing.
Fourth, the fusion sector will need a workforce with the right skills. Our efforts will only bear fruit if paired with continued and increased investment in education and training programmes. We should support innovative projects and facilities to attract specialists and support skills development. We see this trend clearly in the ITER project, for example.
Finally, we need to strengthen our combined research efforts. This means developing a multilateral, coordinated fusion energy research endeavour, oriented towards supporting the commercialisation of fusion. Again, this could be done together with other partners via multilateral fora.
Ladies and gentlemen.
A future powered by cheap, plentiful, clean fusion energy is a tantalising one. But have some way to go to reach it. The endeavour to master fusion is complex. So collaboration between the public and private sector will be critical. We must support technology transfer programmes and strengthen the links between research and industry, foster innovation to close technological gaps, and accelerate the creation and commercialisation of prototypes.
I believe that together, we can make it happen.
Thank you.