Leading nuclear industry associations are calling on multilateral development banks, including the World Bank, to reintegrate nuclear energy into their investment strategies. This push is part of a broader effort to accelerate the deployment of new nuclear projects as a key solution to the climate crisis.
The call was made during the “Roadmaps to New Nuclear” conference held by the OECD Nuclear Energy Agency (NEA) in Paris on September 19-20, 2024. Representatives from the nuclear sectors in the United States, Canada, the United Kingdom, France, Japan, South Korea, and other countries are advocating for enhanced financial support to expand nuclear energy capacity. They argue that increased investment is essential to achieving global nuclear generation goals by 2050.
The associations stress that making nuclear energy eligible for national and international climate finance mechanisms is crucial. This move would mitigate Russia’s influence over the global nuclear market and enable countries to build and sustain their nuclear capabilities, particularly in nuclear fuel production.
In addition to seeking financial backing, the associations urge governments to clarify investment recovery mechanisms for nuclear projects and include nuclear energy in clean energy financing options such as green bonds and sustainable energy taxonomies.
Tom Greatrex, Chief Executive of the Nuclear Industry Association, emphasized the importance of treating nuclear energy equally with renewable sources in financial planning. “Nuclear energy is a crucial source of zero-carbon power,” said Greatrex. “It is essential that financial institutions recognize this and support the expansion of nuclear capacity to reduce reliance on fossil fuels and enhance energy security.”
Greatrex also highlighted the international commitment to nuclear energy, noting that over 20 countries have pledged to triple their nuclear output at COP28. He stressed that achieving this ambitious goal will require substantial support from both private investors and development banks.
The UK government is also called upon to release its green taxonomy that includes nuclear energy, thus enabling nuclear projects to access financing mechanisms available to other clean energy technologies.
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