Game-Changer? Global megabanks support nuclear power.
“Recognizing the key role of nuclear energy in achieving global net-zero greenhouse gas emissions/carbon neutrality by or around mid-century and in keeping a 1.5°C limit on temperature rise within reach.” – Declaration to Triple Nuclear Energy, COP28
Introduction
The revival of nuclear power generation could get a huge boost. More than a dozen of the largest global banks and financial institutions are pledging to support new projects aimed at tripling global nuclear power capacity by 2050. According to the Financial Times, these include Bank of America, Barclays, BNP Paribas, Citi, Morgan Stanley and Goldman Sachs. BNP told the FT it did not know of “any scenario” in which the world would be carbon neutral by 2050 without nuclear electricity. Barclays backs nuclear because wind and solar are less reliable and not available 24/7.
Energy experts say nuclear power is crucial for AI data centers, electric cars and other rapidly emerging electrification trends. According to George Borovas, board member of the World Nuclear Association, banks have so far been reluctant to finance new nuclear projects.
Meanwhile, the West will have to wake up and stand up to climate activists who are anti-nuclear and fossil fuel. As a result, energy prices have skyrocketed. This while Asia continues to use fossil and expand its nuclear capacity alongside solar and wind power. This allows China to increase its economic power while the West remains in energy chaos.
Uranium shares still rose sharply in the run-up to the COP28 declaration in late 2023. After this, they ended up in a downtrend.
