The global energy shock, intensified by the Iran war, is driving nations in Asia and Africa to accelerate nuclear power plans, creating massive capital accumulation opportunities for established nuclear powers and their corporations. This push comes as consumers in affected regions face soaring energy costs, with governments responding by signing multi-billion dollar deals and committing to long-term, capital-intensive energy projects.
Asia, which historically received most Middle Eastern oil and natural gas, was hit first and hardest by shipping route disruptions, followed by Africa. The U.S. and Europe also report feeling the pinch of rising energy costs. In response, countries with existing nuclear plants are increasing output, while non-nuclear nations are fast-tracking long-term atomic energy plans, despite nuclear power taking decades to develop. Joshua Kurlantzick of the Council on Foreign Relations noted that current long-term commitments will likely lock nuclear power into countries’ future energy mixes.
Capital Accumulation and Imperial Competition
The "nuclear renaissance," as described by Rachel Bronson of the Bulletin of the Atomic Scientists, is accelerating globally. Japan’s Prime Minister Takaichi Sanae signed a $40 billion reactor deal with the U.S. and a nuclear fuel recycling agreement with France since the war began. Japan also promised Indonesia nuclear cooperation and restarted the world’s largest nuclear plant, Kashiwazaki-Kariwa, in January. South Korea is increasing generation and speeding up maintenance at five offline reactors, with restarts planned in May. Taiwan is considering restarting two mothballed reactors, a process requiring meticulous inspections and safety checks.
In South Asia, Bangladesh is racing to activate new reactors built by Russia’s state-owned nuclear corporation Rosatom, aiming to supply 300 megawatts to the national grid by this summer. Vietnam signed a deal with Moscow in March for two Russian-designed reactors. The Philippines is considering reviving a nuclear plant built after the 1973 oil crisis but never activated. Alvie Asuncion-Astronomo of the Philippine Nuclear Research Institute stated the Iran war is “providing a needed push for nuclear.”
Africa is being positioned as an "atomic energy growth market," with more than 20 of its 54 countries pursuing long-term nuclear energy plans. Nuclear nations including the U.S., Russia, China, France, and South Korea are aggressively pitching advanced technology, such as small modular reactors (SMRs). These SMRs are marketed as cheaper, more compact, and faster alternatives to large-scale plants, yet projects still take years; Kenya, for example, plans to bring a small modular reactor online in 2034, in the 17th year since starting its first phase in 2009. Rwandan President Paul Kagame stated Africa will be “one of the most important global markets” for these smaller reactors.
This push for nuclear power intensifies competition for influence in Africa between Washington and Moscow. Russia’s Rosatom is building Egypt’s first reactor and holds cooperation agreements with Ethiopia, Burkina Faso, Ghana, Tanzania, and Niger, covering major projects, research centers, uranium processing, and training. The U.S. is attempting to catch up, sponsoring a nuclear conference in Nairobi last month and working with African nations to develop civil nuclear reactors, as stated by Ryan Taugher of the U.S. State Department. Ghana, aiming to begin building a nuclear plant in 2027, is actively seeking foreign suppliers.
The Cost to Labor and the Dispossessed
The soaring energy prices and power shortages, triggered by the Iran war, are driving public calls for nuclear cooperation in Africa. In Japan, historically high electricity costs combined with the current crisis are swinging public opinion toward acceptance of nuclear power, despite it being the 15th year since the Fukushima nuclear meltdown. This demonstrates how economic pressure on the working class can be leveraged to push through capital-intensive projects with significant long-term risks.
Critics highlight that nuclear power creates potentially dangerous radioactive waste and keeps countries reliant on imported fuels like enriched uranium, as noted by Ayumi Fukakusa of Friends of the Earth Japan. Michiyo Miyamoto of the U.S.-based Institute for Energy Economics and Financial Analysis argued that renewables like solar and wind offer better affordability and security. Rex Amancio of the Global Renewables Alliance emphasized that governments should focus on building out renewables for long-term energy security, given the years required for nuclear sector development. Rachel Bronson also warned that nuclear plants are vulnerable during conflicts, citing recent instances where reactors were targeted during the Iran war and the Russia-Ukraine War.
The state, through its various agencies and leaders, is actively facilitating these deals, protecting and expanding the interests of global capital. Governments are making long-term commitments that lock their nations into dependencies on foreign technology and fuel, while the risks of meltdowns and mismanaged waste remain.