14 financial institutions support nuclear expansion by 2050

Fourteen major financial institutions have pledged to support the global expansion of nuclear power to triple its capacity by 2050, marking a key step in the energy transition.

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At Climate Week in New York, fourteen leading financial institutions expressed their support for tripling global nuclear power capacity by 2050. This announcement echoes the Declaration to Triple Nuclear Power, launched at COP28 in Dubai in 2023.
Banks and investment funds recognize that nuclear power, as a complement to renewable energies, is crucial to achieving global decarbonization targets. The inclusion of nuclear power in discussions on energy transition represents an important turning point.
Indeed, these financial institutions emphasize that nuclear power offers a reliable source of low-carbon electricity, helping to stabilize energy grids while reducing greenhouse gas emissions.
Among the banks involved in this initiative are Barclays, Morgan Stanley, BNP Paribas and Société Générale.
These establishments emphasize the need to develop new financial tools to support nuclear projects in the development phase.

Financing nuclear expansion

The financial requirements for the development of new nuclear infrastructures are considerable.
The high cost of projects, combined with regulatory complexity, is still holding back large-scale deployment.
However, Climate Week participants stressed that traditional financial mechanisms must evolve to support this strategic sector.
They believe that government-backed loans and risk-sharing mechanisms could make nuclear projects more attractive to investors.
For financial institutions, the challenge lies in mobilizing long-term capital and creating suitable financing models.
Sweden’s Energy Minister, Ebba Busch, has outlined her government’s proposal for guaranteed loans, Contracts-for-Difference and risk-sharing schemes to accelerate the construction of new power plants.
These initiatives aim to make nuclear power competitive with other low-carbon energy sources, while meeting the growing need for electricity.

Growing demand

The acceleration of the energy transition requires us to meet a growing demand for electricity, particularly with the development of new technologies such as artificial intelligence and data centers.
These sectors require reliable and abundant energy, which makes nuclear power a preferred solution for meeting these needs without increasing CO2 emissions.
The role of banks in this energy transformation is fundamental.
Leaders at Climate Week stressed the need to develop partnerships between the financial sector and energy companies to facilitate the financing of long-term nuclear projects.
Financial players must collaborate with energy producers, regulators and governments to create favorable environments for investment in nuclear power.

A favorable political framework

In addition to the financial aspects, speakers also stressed the importance of a clear policy framework to encourage the development of nuclear power.
Many countries, including France, Sweden and the United States, have already integrated nuclear power into their decarbonization strategies, recognizing its central role in stabilizing power grids and reducing emissions.
These countries are exploring new ways to make the nuclear sector more competitive, notably through regulatory reforms and financial incentives.
Discussions around the financing and regulatory framework for nuclear power are taking place against a backdrop of strong demand for low-carbon energy solutions.
With global targets set for reducing greenhouse gas emissions, the nuclear sector presents itself as a key solution for supporting the energy transition without compromising security of supply.

Growing international support

The initiative to triple nuclear capacity is enjoying growing international support.
Twenty-five countries have already endorsed the Declaration to Triple Nuclear Power, including Japan, the UK, Poland and Canada.
These nations recognize the importance of mobilizing funding to make nuclear power competitive in the long term, while respecting the objectives of the Paris Agreement.
Discussions around this nuclear expansion are also supported by private sector players, particularly in energy-intensive industries.
For these companies, access to reliable, low-carbon electricity is essential to ensure their global competitiveness.
Leaders at Climate Week agreed that the development of new reactors and the modernization of existing infrastructure are crucial steps towards achieving the 2050 targets.
By combining public and private financing, nuclear projects can become viable on a large scale, supporting the energy transition.

The European Court of Justice annulled the European Commission's authorisation of Hungarian state aid for the Paks II nuclear project, questioning compliance with EU public procurement rules.
A Chinese consortium has secured a CNY4.2bn ($594mn) contract for the construction of conventional islands for the Xuwei nuclear project, combining third and fourth generation reactors.
Rosatom and China National Nuclear Corporation signed a memorandum of understanding to strengthen bilateral cooperation in talent development and skills training in the nuclear sector.
Iran has reached a new agreement with the International Atomic Energy Agency to formalise the resumption of inspections, following months of suspension linked to military tensions and criticism of its nuclear programme.
The French Energy Regulatory Commission outlines a structured plan to accelerate the deployment of small modular reactors, focusing on industrial heat and series effects to enhance competitiveness.
US-based Nuclearn has secured $10.5mn to scale its artificial intelligence platform, already deployed in over 65 nuclear reactors, to automate critical operations amid rising energy demand.
The steel dome of the CAP1000 Haiyang 4 reactor has been positioned, a major construction milestone paving the way for upcoming maintenance and technical installation phases.
The Groupement des Industriels Français de l'Énergie Nucléaire and the Belgian Nuclear Forum formalise a partnership aimed at strengthening industrial exchanges and joint projects between the two countries’ nuclear sectors.
The International Atomic Energy Agency warns that little time remains to reach an agreement with Iran on fully resuming inspections, as European sanctions could be reimposed within 30 days.
US-based Oklo will build the country’s first privately funded nuclear fuel recycling centre in Oak Ridge, investing $1.7bn and creating over 800 jobs.
The Tennessee Valley Authority partners with ENTRA1 Energy to develop up to 6 gigawatts of modular nuclear capacity, in an unprecedented project supporting energy growth across seven U.S. states.
A report by the International Atomic Energy Agency puts Iran’s 60% enriched uranium at 440.9 kg before Israeli and U.S. strikes, while the agency’s access to enrichment sites has remained suspended since the operations.
US-based Westinghouse has signed six industrial agreements in the UK to supply critical components for its AP1000 and AP300 nuclear projects in Britain and abroad.
NANO Nuclear Energy receives direct funding from the US Air Force innovation branch to assess the integration of its KRONOS MMR™ microreactor at the Washington D.C. military base.
EDF extends the operation of Heysham 1 and Hartlepool by one year after favourable safety inspections, ensuring continuity of nuclear production and safeguarding more than 1,000 jobs.
Russian nuclear group Rosatom has confirmed advanced discussions with India and Turkey to launch new power plants, including advanced and floating reactor technologies.
The International Atomic Energy Agency has identified uranium particles of industrial origin in samples taken from a Syrian site suspected of hosting an undeclared nuclear reactor.
Norwegian authorities begin the first regulatory phase for two modular nuclear reactor projects, marking a strategic step in the national review of the potential role of nuclear energy in the country’s power mix.
With eleven reactors under construction and major projects such as Jaitapur, India is preparing a nuclear build-up that could place it among the world’s five leading nations in the sector.
France and Germany have validated a joint energy roadmap, including a commitment to the non-discrimination of nuclear energy in European financing.

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