Fourteen major financial institutions on Monday publicly expressed their support for tripling global nuclear energy capacity by 2050 during discussions at Climate Week in New York City.
The institutions joined heads of state, ministers and leaders from the nuclear, financial and heavy industry sectors in co-signing an announcement backing the
The declaration has gained support from 25 countries: the United States, Armenia, Bulgaria, Canada, Croatia, Czech Republic, Finland, France, Ghana, Hungary, Jamaica, Japan, Republic of Korea, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Slovakia, Slovenia, Sweden, Ukraine, United Arab Emirates and the United Kingdom.
The declaration stresses nuclear energy's potential to decarbonize power grids and contribute to global net-zero targets. It also highlights the importance of mobilizing finance and investment to meet the growing demand for clean energy.
"Capital markets and financing can play a critical role in developing and growing nuclear energy projects worldwide," the Triple Nuclear Declaration stated in a press release. "Financial institutions can provide experience, global presence, services and solutions to support the industry."
Leaders such as John Podesta, senior adviser to the president for international climate policy, underscored the importance of nuclear energy for achieving net-zero emissions and ensuring a livable planet in opening remarks.
The event highlighted the need for financial mechanisms to make nuclear projects more viable and the pivotal role that capital markets and financial institutions can play in advancing nuclear energy projects. Sweden's Deputy Prime Minister Ebba Busch discussed how financing models, including government-backed loans and risk-sharing mechanisms, could be key to the successful expansion of nuclear energy.
James Schaefer, senior managing director of Guggenheim Securities, said in a statement that the proven safety and effectiveness of modern nuclear technologies make expanding nuclear energy a critical node in any global decarbonization strategy.
"New nuclear power is both clean and safe, and more importantly proven, with a number of nations now operating highly advanced and 'commercially viable' third- and fourth-generation fission technologies," Schaefer said. "It is essential that we accelerate the progression of planned projects into plants on the ground given the huge demand coming down the line for data centers and AI technologies. This will require nuclear companies, plant owners, data center and technology companies, together with banks and financial institutions to collaborate closely."
While some European banks have taken steps to stop funding oil and gas projects, many of the U.S. banks throwing their support behind nuclear energy have received criticism from climate advocates for continuing to fund fossil fuels that drive climate change. Bank of America rescinded bans on funding for coal projects and drilling for oil in the Arctic in its
