World's Biggest Banks Pledge Support For Nuclear Power

Fourteen of the world's biggest banks and financial institutions are pledging to increase their support for nuclear energy [non-paywalled link], a move that governments and the industry hope will unlock finance for a new wave of nuclear power plants. FT: At an event on Monday in New York with White House climate policy adviser John Podesta, institutions including Bank of America, Barclays, BNP Paribas, Citi, Morgan Stanley and Goldman Sachs will say they support a goal first set out at the COP28 climate negotiations last year to triple the world's nuclear energy capacity by 2050.

They will not spell out exactly what they would do, but nuclear experts said the public show of support was a long-awaited recognition that the sector had a critical role to play in the transition to low-carbon energy. The difficulty and high cost of financing nuclear projects has been an obstacle to new plants and contributed to a significant slowdown in western countries since a wave of reactors was built in the 1970s and 1980s.

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