A group of 14 major financial institutions have joined a global initiative to triple nuclear energy capacity by 2050, adding their support to the movement first launched at COP28 in 2023. The banks, including Barclays, Bank of America, and Morgan Stanley, aim to play a key role in mobilising investment for nuclear power projects, viewed as crucial in the shift towards a low-carbon global economy.
The institutions formally expressed their backing during a gathering in New York City’s Rockefeller Center, which included representatives from governments, financial sectors, and industries. The event focused on the role of private finance in advancing nuclear power, seen as a vital tool for decarbonising energy grids and meeting climate targets.
John Podesta, Senior Advisor to the US President for International Climate Policy, opened the event. “Nuclear energy is clean energy, and if we are to ensure a livable planet, we must ensure that nuclear does its part,” he said. “Working together, I believe we can make it happen.”
The financial institutions highlighted the importance of nuclear power in providing reliable, low-emission energy to meet the growing demand for electricity, particularly from power-intensive sectors such as data centres and artificial intelligence (AI) technologies. They also pointed to nuclear energy’s role in supporting global efforts to decarbonise and keep global warming below the critical threshold of 1.5°C.
The support from financial institutions builds on the outcomes of COP28 and the first global stocktake under the Paris Agreement, which listed nuclear energy among the technologies that should be accelerated to meet climate goals. The Declaration to Triple Nuclear Energy, initially endorsed by 25 nations, calls for a significant expansion of nuclear capacity by 2050, emphasising its role alongside renewable energy sources in achieving global carbon reduction targets.
Dr Robert Golob, Prime Minister of Slovenia, noted that while nuclear technology is ready to be scaled up, financial challenges remain. “The only riddle left to solve is the financial side,” he said. “Markets need to adapt and develop new financial instruments to make nuclear energy competitive with other CO2-free sources.”
Ebba Busch, Sweden’s Deputy Prime Minister and Minister for Energy, also emphasised the need for innovative financing models. Sweden is exploring government-backed loans and Contracts-for-Difference (CfDs) as part of a proposed model to support nuclear newbuilds, aiming to significantly improve conditions for expanding the sector.
Industry leaders echoed the calls for swift action. Mohamed Al Hammadi, CEO of the Emirates Nuclear Energy Corporation, highlighted the growing demand for nuclear energy, particularly from the tech sector. “Since COP28, we’ve seen a surge in demand for clean electrons, driven by the needs of data centres and AI. With the support of global financial institutions, it’s clear that nuclear is a crucial enabler for decarbonisation.”
James Schaefer, Senior Managing Director at Guggenheim Securities, added that new nuclear technologies are both clean and proven, making them a “bankable route to energy security and net zero.”
The declaration, now supported by 14 financial institutions, has marked a significant shift in the role of nuclear energy within global climate policy, with financing seen as the key to unlocking its full potential in the coming decades. The original declaration was endorsed by countries including the United States, the UK, Japan, and France.
