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The energy crisis, resulting mainly from the war in Ukraine, and several extreme weather events caused by global warming, have sparked renewed interest in alternative sources of energy.

Nuclear power is back in prominence, as governments try to tackle climate change and reduce dependence on Russian fossil fuels.

Uranium, used mainly in nuclear power plants, is one of the cleanest ways to produce electricity. However, nuclear energy currently accounts for just 10% of the world’s electricity production.

The Inflation Reduction Act includes $30 billion in production credits to existing nuclear power plants over the next decade.

Many Western countries are now planning to their keep their nuclear reactors running even after their original operating licenses expire, per WSJ. Japan, where nuclear power accounted for almost 30% of its electricity before the Fukushima disaster, is now considering reopening those plants.

Tesla (TSLA - Free Report) CEO Elon Musk and Microsoft (MSFT - Free Report) founder Bill Gates are among the big supporters of nuclear energy.

The Sprott Uranium Miners ETF (URNM - Free Report) holds global companies in the uranium industry. The Sprott Physical Uranium Trust, listed in Canada, provides convenient exposure to physical uranium. It is the world's largest physical uranium fund.

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