9%

Of World Uranium Production

Cameco accounts for 9% of world uranium production, 3rd largest producer in the world

53

Million Pounds

Licensed capacity to produce >53 million pounds of uranium annually in Canada and Kazakhstan

33.1%

Reduction

in scope 1 and 2 emissions combined since 2017. That’s 137,000 tonnes of CO2e reduced

View Our Analysis

The Path to Drawdown: Nuclear

Addressing climate change and remaining below 1.5ºC of global warming compared to pre-industrial levels means that the world’s electricity source needs to switch from fossil fuels to 100% emissions-free sources by 2050. Nuclear power needs to be a significant component in the energy mix of that decarbonized future.

Extremely powerful and efficient in generating electricity, nuclear power has reduced CO2 emissions by over 60 gigatonnes over the last five decades -- equivalent to nearly 2 years’ worth of global energy-related emissions. Unlike solar and wind, electric generation from nuclear power is stable. The cost of building new plants is still very high, but once built, the energy is relatively inexpensive. With Generation III reactors on the horizon, nuclear power is becoming safer, cheaper, and more efficient.

Nuclear power accounts for 10.5% of global electricity generation today. To be on a path to remain under 1.5C° of warming, nuclear power needs to grow mildly in the next three decades:

  • <::marker> 6,093 TWh of nuclear electricity generated in 2018
  • <::marker> 6,245.3 TWh needed by 2050

CAGR of 0.08% from 2018-2050

What We Want to See Improve

Report Scope 3 Emissions

We applaud Cemaco for tracking and reducing their scope 1 and 2 emissions. But for investors to transparently assess Cameco’s role in bringing about a decarbonized energy system, they need to track their scope 3 emissions.

Set Clear Emissions Goals

On top of tracking scope 3 emissions, we want to see Cameco setting clear and bold targets for reducing overall emissions. Given that their emissions have been declining, we are confident that they can commit to continuing to reduce emissions toward net zero by, for example, the end of the decade.

Switch to Renewable Energy Consumption

While Cameco has consumed steadily less energy over the last several years ( 9.88% annual reduction), this energy consumption is purely non-renewable (p. 13). As a key company in the expansion of clean energy, we would like to see Cameco becoming a role model by switching the energy they consume to be based on renewable sources.

Related Nuclear Energy Stocks in the Climate Index

View All Climate Index Stocks →

Allocated Company Description

0.61%

Cameco Corp. (CCJ)

Cameco is one of the largest uranium producers in the world. Uranium is the metal used in generating nuclear power, an important clean energy source

0.05%

Centrus Energy Corp. (LEU)

Centrus sells low-enriched uranium and technical solutions to the nuclear power industry in the US. Nuclear power is a key part of the future energy mix

0.05%

Uranium Energy Corp. (UEC)

UEC explores, mines and processes uranium through in-situ recovery mining. Uranium is needed for nuclear energy, a key part of a zero-emission energy mix

0.03%

Ur-Energy Inc. (URG)

Ur-Energy identifies, acquires, explores, and processes uranium in the US. Nuclear power is a key element in the decarbonized energy mix

0.02%

Lightbridge Corp. (LTBR)

Lightbridge Corporation makes an all-metal fuel for nuclear reactors. Nuclear power is a key part of a zero-emissions energy mix

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