International financial institutions, development banks and private banks and investors should think long-term and take a fresh look at the “winning” investment of financing new nuclear power plants as part of the drive towards net zero, International Atomic Energy Agency director-general Rafael Grossi said.

In an address to the Atoms4NetZero conference, being held in Vienna, Austria this week, Grossi said the tide is turning in nuclear’s favour, which should give clear-minded policymakers and financial decision-makers the courage to act.

But “things are moving too slowly”, he said. “We cannot afford to be slow. Every day we see the urgency of our task in receding glaciers and shorelines, and we hear it from island nations and developing countries most directly affected by climate change.”

Grossi said the transition to a green economy risks being more disruptive and more expensive – and therefore more politically treacherous – without nuclear.