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The European Investment Bank recently announced that it is providing €90 million ($103.8 million) in financing to Finnish nuclear power company Teollisuuden Voima Oyj (TVO). The funding is to be used by TVO to support new upgrades and maintenance at the Olkiluoto nuclear power plant.
The World Bank and the International Atomic Energy Agency signed an agreement last week to cooperate on the construction and financing of advanced nuclear projects in developing countries, marking the first partnership since the bank ended its ban on funding for nuclear energy projects.
International Atomic Energy Agency director general Rafael Mariano Grossi recently traveled to Washington, D.C., for the first time since Trump took office in January. In his three-day visit to the capital, Grossi spoke with key nuclear leaders from around the world and in the federal government, including Energy Secretary Chris Wright and Nuclear Regulatory Commission chair David Wright, on topics including nuclear power, safety, security, funding, and nonproliferation.
As expected, a large number of nations at the COP28 climate conference in Dubai have issued a declaration to triple the world’s nuclear power capacity by 2050. John Kerry, U.S. special presidential envoy for climate, joined leaders and ministers from four continents on Saturday to announce the Declaration to Triple Nuclear Energy.
The United States will spearhead a pledge at the upcoming COP28 summit in Dubai to triple the world’s nuclear power capacity by 2050, according to a November 15 Bloomberg exclusive.
Barrasso
Sen. John Barrasso (R., Wyo.), the ranking member of the Senate’s Energy and Natural Resources Committee, earlier this month introduced legislation, the Combating Global Poverty Through Energy Development Act (S. 758), which aims at removing barriers put up by international financial institutions that limit support for both fossil fuel and nuclear energy projects.
“Developing countries desperately need affordable and reliable energy,” said Barrasso. “Instead of using all available energy options, the World Bank would rather score political points by boycotting critical coal, oil and gas projects. The solution to ending energy poverty does not lie in limiting options. Our bill will encourage the World Bank to eliminate barriers to traditional energy resources, or risk losing American taxpayer funding.”
The bill is cosponsored by Sens. Cynthia Lummis (R., Wyo.), Cindy Hyde-Smith (R., Miss.), Ted Cruz (R., Texas), John Hoeven (R., N.D.), Bill Hagerty (R., Tenn.), John Cornyn (R., Texas), and Jim Inhofe (R., Okla.).