Game - Changer : Global Mega Banks Prepare Major Support For Nuclear Power
Major global banks and financial institutions, including Bank of America, Barclays, BNP Paribas, Citi, Morgan Stanley, and Goldman Sachs, are set to support a COP28 declaration aimed at tripling nuclear energy capacity by 2050. This move, reported by the Financial Times, aligns with the declaration s recognition of nuclear energy s crucial role in achieving global net-zero greenhouse gas emissions and keeping a 1.5°C temperature rise limit within reach. The support from these banks, which has been long-awaited, is expected to facilitate funding for new nuclear projects, addressing the previous challenges faced by banks in understanding and investing in nuclear power. George Borovas, head of the nuclear practice at Hunton Andrews Kurth and a World Nuclear Association board member, emphasized that this support would enable nuclear power to be part of the solution for climate change rather than a necessary evil. The momentum for nuclear power revival is also evident in recent investments, such as the owner of Three Mile Island s plan to invest $1.6 billion in reviving the nuclear power plant and securing a 20-year energy contract to sell power to Microsoft. Microsoft seeks low-cost green power to supply its regional AI data centers. Other financial institutions expressing support for nuclear power include Abu Dhabi Commercial Bank, Ares Management, Brookfield, Crédit Agricole CIB, Guggenheim Securities, Rothschild & Co, Segra Capital Management, and Société Générale. The article also highlights the need for the West to reconsider the impact of climate activists who have pushed de-growth policies targeting fossil fuels. These policies have led to sky-high energy prices and allowed countries like China to expand their nuclear capacity while the West struggles with energy chaos. Lastly, Goldman Sachs latest note on uranium prices suggests that they are expected to stairstep higher over time, indicating a positive outlook for the nuclear energy sector.
Source: zerohedge.comPublished on 2024-09-23
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