The world is on the brink of a major breakthrough with nuclear fusion energy, which once harnessed, could provide a limitless source of power. While scientists have so far been unable to harness this power for long periods of time, this technology could be the key to helping the world phase out fossil fuel resources like oil and gas, as the world moves towards clean, renewable energy. However, experts have noted that this resource could be attainable very soon, particularly as private companies, rather than just governments, funnel billions into projects.
According to a survey from the Fusion Industry Association, private equity investment in the global fusion industry has more than doubled in the past year – from $2.1billion (£1.7billion) in 2021 to $4.7billion (£3.9billion) in 2022.
Nathan Garland, a Lecturer in Applied Mathematics and Physics at Griffith University and Matthew Hole, a Senior Research Fellow at Mathematical Sciences Institute, Australian National University noted that the technology is now at a “turning point”.
Hailing the number of the projects being developed around the world, they wrote in the Conversation: “History shows us that incredible scientific and engineering progress is possible when we work together with the right resources – the rapid development of COVID-19 vaccines is just one recent example.
“It is clear many scientists, engineers, and now governments and private investors (and even fashion designers) have decided fusion energy is a solution worth pursuing, not a pipe dream. Right now, it’s the best shot we’ve yet had to make fusion power a viable reality.”