Global nuclear industry associations are urging multilateral development banks, including the World Bank, to incorporate nuclear energy into their investment portfolios to accelerate the deployment of new nuclear projects in response to the climate crisis.
In a communiqué issued during the Government-Industry ‘Roadmaps to New Nuclear’ conference, hosted by the OECD Nuclear Energy Agency in Paris on 19-20 September 2024, nuclear industry bodies from the US, UK, Canada, France, Japan, South Korea, and other countries called for unlocking financing to enable countries to expand nuclear capacity alongside renewables, aiming to meet nuclear generation goals by 2050.
The associations emphasised that access to national and international climate finance for nuclear projects would reduce reliance on Russia’s nuclear industry and strengthen domestic capabilities, particularly in nuclear fuel production. They also urged governments to provide clear investment recovery mechanisms for nuclear projects and include nuclear energy in clean energy financing systems such as green bonds and sustainable energy taxonomies.
Tom Greatrex, Chief Executive of the Nuclear Industry Association said, “It is vital that nuclear, as a key source of zero-carbon power, is placed on an equal footing with renewables by financial institutions so that we can ramp up capacity to drive down fossil fuels and strengthen energy security.”
He added, “Countries all over the world are seeking to accelerate nuclear projects, with over 20 countries signing a declaration to triple nuclear at COP28, a goal only possible with the support of both the private sector and development banks. The UK government urgently need to publish the government’s green taxonomy, with nuclear’s inclusion, so that projects can access the same financing mechanisms as other clean energy technologies.”