SHANTI Bill is India's second shot at nuclear energy leadership, Pg12

Key Highlights:

• The SHANTI Bill, aimed at boosting India's nuclear power capacity to 100 GW by 2047, has been passed by Parliament.
• It replaces the Atomic Energy Act of 1962 and the Civil Liability for Nuclear Damage Act of 2010 with a single law.
• The bill encourages both public and private sector participation in nuclear energy development, excluding foreign-incorporated companies from obtaining licenses.
• It maintains government control over sensitive areas like enrichment and spent fuel management.
• The bill sets the accident liability ceiling at 300 million SDR and treats terrorism as a sovereign risk, with the central government assuming liability in such cases.

Detailed Insights:

• The SHANTI Bill seeks to align India's nuclear framework with global standards to enhance clean energy security and achieve decarbonization goals.
• The bill separates the roles of licensing (government) and safety authorization (Atomic Energy Regulatory Board), strengthening regulatory oversight.
• It addresses liability concerns by narrowing the operator's right of recourse and establishing a Nuclear Liability Fund, with potential supplementary funds from the Convention on Supplementary Compensation (CSC).
• The bill broadens the definition of nuclear damage to include long-term health impacts, economic loss, and environmental restoration, ensuring quicker compensation disbursement.
• By amending the Patents Act, the bill creates a special inventions regime for nuclear energy-related inventions, fostering domestic capability and skilled job creation.
• The bill's alignment with international norms can strengthen India's civil nuclear cooperation, particularly with the United States, and diversify partnerships.

Key Concepts Involved:

• Decarbonisation: The process of reducing carbon dioxide emissions from energy sources.
• Liability: Legal responsibility for damages or losses.
• Sovereign Risk: The risk that a government will default on its debt or other financial obligations.