Nuclear energy projects – potentially including research and development of small modular reactors (SMRs) – can be eligible for financing by the European Investment Bank because they can be “bankable” under strict economic assessment criteria, a spokesperson for the bank told NucNet.

The spokesperson for the bank, the multilateral lending arm of the European Union, said in an email that the EIB adheres to the principle of technological neutrality in its lending policy but has phased out financing to unabated fossil fuel energy projects since 2019.

Nadia Calviño, the EIB’s new president, has prioritised an ambitious policy to support Europe’s green and digital transitions. Calviño told the Financial Times that Europe “needs to be active because [it] cannot be behind the curve” on “modular reactors”.

The EIB told NucNet it is ready to finance research and development of SMRs as the sector “can be essential for the strategic autonomy of Europe”.