Nuclear energy is increasingly being discussed as a key component in global efforts to improve energy security.
At the “Roadmaps to New Nuclear” conference in Paris, nuclear industry associations from various countries, including the US, UK, Canada and France, urged international financial institutions to support new nuclear projects.
The call was directed at organisations such as the World Bank, asking them to include nuclear energy in their funding portfolios to help nations meet their low carbon energy goals.
This push aims to expand nuclear energy capacity alongside renewable energy by 2050, offering a solution to reduce dependence on fossil fuels and foreign energy sources.
Industry groups also highlighted the potential to decrease reliance on Russian nuclear technology.
Additionally, industry leaders asked governments to provide clear guidelines for funding nuclear projects and called for nuclear energy’s inclusion in sustainable finance mechanisms, like green bonds.
Tom Greatrex, Chief Executive of the Nuclear Industry Association said: “It is vital that nuclear, as a key source of zero-carbon power, is placed on an equal footing with renewables by financial institutions so that we can ramp up capacity to drive down fossil fuels and strengthen energy security.
“Countries all over the world are seeking to accelerate nuclear projects, with over 20 nations signing a declaration to triple nuclear at COP28, a goal only possible with the support of both the private sector and development banks.
“The UK government urgently needs to publish the government’s green taxonomy, with nuclear’s inclusion, so that projects can access the same financing mechanisms as other clean energy technologies.”
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