Calls for more ‘access to national and international climate finance mechanisms’
A coalition of global nuclear industry organisations has called on governments to fully harness the potential of nuclear energy as part of a “strategic priority” to meet climate targets and boost energy security.
In a joint declaration, representatives from organisations* including Brussels-based Nucleareurope, London-based World Nuclear Association, US-based Nuclear Energy Institute, France’s Gifen, and six others, urged governments to accelerate the deployment of new nuclear power facilities based on proven designs and “fast-track” new technologies, including small and advanced reactors.
The declaration also called on governments to “to maximise” the potential of existing nuclear plants by extending operational lifetimes, increasing output, and restarting closed facilities where feasible.
More investment, efforts, and support are also needed in areas including the nuclear fuel supply chain within OECD (Organisation for Economic Co-operation and Development) member states, workforce development, nuclear research, and greater regulatory coordination, the declaration said.
Global Financing Of Nuclear
The coalition highlighted the importance of ensuring that nuclear energy projects have access to national and international climate finance mechanisms.
The group called for multilateral financial institutions, including the World Bank, to incorporate nuclear energy into their investment portfolios and build internal capacity to support these investments.
To encourage greater private sector investment, the group urged governments to provide clarity on the financial mechanisms available for nuclear projects, and their inclusion in sustainable energy taxonomies or green bond schemes.
According to George Borovas, partner and global head of nuclear at law firm Hunton, Andrews, Kurth, multilateral financial institutions have stayed away from nuclear due to internal policies which in many cases have not been seriously discussed with all member countries.
“With climate change and sustainable development becoming the number one priority it is time for all of these institutions to examine their policies and decide whether nuclear must be a part of the solution,” Borovas told NucNet.
“Nuclear projects are the kind of projects that multilateral financial institutions generally support — i.e. large infrastructure projects with society-wide benefits,” he said.
New OECD Initiative
The OECD Nuclear Energy Agency (NEA) which hosted the industry meeting during a Paris-event on Thursday (19 September) said it will start a new initiative on Roadmaps to New Nuclear, aimed at uniting countries with a shared interest in rebuilding their capability to implement successful nuclear energy new-build projects
This initiative will focus on tackling key challenges in the nuclear sector, such as securing financing, preparing supply chains, and cultivating a skilled and diverse workforce, the NEA said.
Thirteen nations, including Bulgaria, Canada, the Czech Republic, France, Hungary, Japan, Poland, Romania, Slovenia, South Korea, Sweden, the UK, and the USA, have already expressed interest in joining the effort.
According to NEA director general William Magwood, the new initiative will help turn ministerial and industry priorities into “practical actions” to support the goal of tripling global nuclear energy capacity by 2050.
*The declaration was signed by representatives of: Canadian Nuclear Association, CANDU Owners Group, Electric Power Research Institute, Groupement des industriels français de l’énergie nucléaire (Gifen), Japan Atomic Industrial Forum, Korea Atomic Industrial Forum,
