Major financial institutions now recognize the key role that nuclear energy must play in the global net zero energy transition and that improving access to financing can help unlock nuclear energy’s potential.
On the sidelines of Climate Week in New York City, major banks, government representatives and industry executives met at the Financing the Tripling of Nuclear Energy – Leadership Event, followed by the Net Zero Nuclear Forum, hosted in the Rainbow Room, Rockefeller Center. The nations endorsing the Declaration to Triple Nuclear Energy launched at COP28 in 2023 were joined by 14 financial institutions that expressed support for the call to action to triple global nuclear energy capacity by 2050.
The financial institutions recognized that global civil nuclear energy projects have an important role to play in the transition to a low-carbon economy. They further expressed support for long-term objectives of expanding nuclear electricity generation and the broader nuclear industry to accelerate the clean energy transition.
Opening the leadership event, John Podesta, Senior Advisor to the President for International Climate Policy, said:
“Our collective mission is clear: nuclear energy is clean energy, and if we are to ensure a liveable planet, build secure, sustainable supply chains for clean energy and bolster prosperity around the world, we need to make sure that nuclear energy does its part. I know we can make it happen—as long as we work together.”
Speaking at the Net Zero Nuclear Forum, Dr Sama Bilbao y León, Director General, World Nuclear Association, said:
“I welcome today’s announcement from leaders in the global finance community who publicly pledged their support to the ambition to triple nuclear energy capacity by 2050. Now we need to see today’s commitment translate to changes in lending policies and greater access for nuclear to sustainable finance mechanisms. Nuclear offers investors long term returns and a means of tackling the world’s urgent and growing need for abundant, affordable, 24/7 clean energy. Today was a major step forward. Meeting the goal of tripling nuclear output will require the commitment and ingenuity of policy makers, financial leaders, the nuclear industry, and many others in a coalition of the ambitious.”
Capital markets and financing can play a critical role in developing and growing nuclear energy projects worldwide. Financial institutions can provide experience, global presence, services and solutions to support the industry .As COP29 is set to focus on climate finance, this is an important signal ahead of the event.
The 25 nations endorsing the Declaration to Triple Nuclear Energy include Armenia, Bulgaria, Canada, Croatia, Czech Republic, Finland, France, Ghana, Hungary, Jamaica, Japan, Republic of Korea, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Slovakia, Slovenia, Sweden, Ukraine, United Arab Emirates, United Kingdom, and the United States of America.
The group of financial institutions include Abu Dhabi Commercial Bank, Ares Management, Bank of America, Barclays, BNP Paribas, Brookfield, Citi, Credit Agricole CIB, Goldman Sachs, Guggenheim Securities LLC, Morgan Stanley, Rothschild & Co., Segra Capital Management, and Societe Generale.
About Net Zero Nuclear
The Net Zero Nuclear initiative aims to recognize and advance the essential role of nuclear energy in global efforts to combat climate change by tripling global nuclear capacity by 2050 and by bringing together world leaders, policymakers, the nuclear industry, scientists, civil society, and activists.