• Climate science and higher demand for reactors put funding high on agenda
• Proposed International Bank for Nuclear Infrastructure could be significant development
• ‘Right policies needed’ to get nuclear off the ground

Nuclear power funding has reached a new stage of international cooperation due to emerging international alliances and calls by multilateral energy agencies for a significant increase in nuclear output by 2050.

Cop28, which starts in Dubai on 30 November, is focusing on several paradigm shifts, including the fast-tracking of the energy transition, the transformation of climate finance and slashing emissions before 2030 – offering an unprecedented opportunity to raise the case for new nuclear funding.

In support of this, the International Energy Agency’s October 2023 World Energy Outlook predicts a substantial increase in global nuclear capacity from 417 GW in 2022 to 900 GW by 2050. Given this and similarly bullish projections from the International Atomic Energy Agency (IAEA) and World Nuclear Association, the prospective launch of the International Bank for Nuclear Infrastructure (IBNI) is a significant development. 

To add to this momentum, new climate science research, including a global warming study by Nasa and Columbia University as reported in early November by Reuters found that only 250 billion tonnes of carbon dioxide, not the previously estimated 450 billion tonnes, can be released if the planet is to have a 50% chance of limiting temperature increases by 2050 to 1.5 °C compared to preindustrial levels, pointing to the need for a substantial increase in low carbon electricity production, such as new nuclear power, at scale.