Canada will need to build a projected 85 small modular reactors at a cost of CAD102bn (€69bn, $74bn) to CAD226bn (€153bn, $165bn) to reach its net-zero emissions target by 2050, but will need to work with allied nations to secure stable supplies of enriched nuclear fuel, a report concludes.

The report, by Royal Bank of Canada’s Climate Action Institute, says SMRs could help power electrical grids, while their size and flexibility would allow them to replace fossil fuels in specific industrial processes and other off-grid settings.

To ensure the country has the expertise to support the growth of an SMR industry, Canada will need more than 5,000 full-time, skilled workers on average between 2025 and 2040.

The report says indigenous partnerships and expertise will be a critical for the development of Canada’s SMR industry and its supply chains, from uranium mining to component manufacturing and eventually to new projects in areas on or near traditional Indigenous lands.