Fourteen of the world’s largest banks and financial institutions are to pledge their support for the development of more nuclear energy, the London-based Financial Times reported.

Banks including Bank of America, Barclays, BNP Paribas, Citi, Morgan Stanley and Goldman Sachs will confirm their support for goals set out at the Cop28 climate negotiations last year to triple the world’s nuclear energy capacity by 2050.

The banks will confirm their backing for nuclear at an event on Monday (23 September) with White House climate policy adviser John Podesta.

“This event is going to be a game-changer,” George Borovas, head of the nuclear practice at law firm Hunton Andrews Kurth told the Financial Times.

“Until now, banks had found it politically difficult to support new nuclear projects, which often required signoff from the chief executive’s office,” he said.