Global nuclear industry urges multinational banks to finance new nuclear projects for net zero and energy security

Move would help accelerate rollout of new projects and abate Russian influence

OECD leaders meeting in Paris for the 'Roadmaps to New Nuclear' conference

The industry associations representing the global nuclear industry are calling on multilateral development banks such as the World Bank to include nuclear energy in their investment portfolios as part of efforts to accelerate the deployment of new nuclear projects to help address the climate crisis.

In a communiqué issued to mark the Government-Industry ‘Roadmaps to New Nuclear’ conference organized by the OECD Nuclear Energy Agency (NEA) in Paris on September 19-20, 2024, associations representing the nuclear industries in the US, Canada, UK, France, Japan, South Korea and elsewhere, urge banks to unlock financing for nuclear projects so that countries can more readily ramp up capacity alongside renewables and meet ambitions for nuclear generation by 2050.

Ensuring countries have ready access to national and international climate finance mechanisms for nuclear will also mean Russia’s influence in the global nuclear industry is abated, and would allow governments to strengthen their own nuclear capability, particularly around nuclear fuel.

The associations also urge governments to provide clarity to investors on the funding and investment recovery mechanisms available for nuclear projects and to include nuclear in clean energy financing mechanisms such as green bonds and sustainable energy taxonomies.

Lord Hunt, Minister of State at the Department for Energy Security, who has responsibility for nuclear, took part in discussions at the conference alongside OECD counterparts.

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.

“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.”

ENDS

Notes to Editors

  • The communiqué can be accessed here.
  • The communiqué was issued by the Canadian Nuclear Association, the Candu Owners Group Inc., Gifen, Japan Atomic Industrial Forum, Korea Atomic Industrial Forum, Nuclear Energy Institute, nucleareurope, Nuclear Industry Association and World Nuclear Association.

About the Nuclear Industry Association
As the trade association for the civil nuclear industry in the UK, the Nuclear Industry Association represents more than 250 companies across the UK’s nuclear supply chain.

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For further information, please contact:
Iolo James, Head of Communications

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+44 7517 108023

 


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