At COP28, the United States announced three new initiatives as part of its leadership in efforts to accelerate nuclear energy capacity:
1. Advancing a Secure Nuclear Fuel Supply Chain – Building on our pledge announced in April 2023 at the G7 meeting in Sapporo, Japan, the United States, Canada, Japan, France, and the United Kingdom will work to mobilize at least $4.2 billion in government-led investments to enhance their collective enrichment and conversion capacity over the next three years. These investments will catalyze private sector finance to build out safe, secure, and reliable global nuclear energy supply chains.
2. Triple Nuclear Energy Capacity Globally by 2050 – The United States co-led a coalition of over 20 countries from four continents that launched a Declaration to Triple Nuclear Energy from 2020 levels by 2050 globally and invited shareholders of international financial institutions to encourage the inclusion of nuclear energy in energy lending policies.
3. Jump Start Small Modular Reactor (SMR) Deployments Around the World – In response to the significant global interest in deploying U.S. SMR nuclear energy systems to support critical climate and energy security goals, the Export-Import Bank of the United States (EXIM) and U.S. Department of State are outlining EXIM’s suite of financial tools to support SMR deployments and help U.S. exporters remain competitive.
FACT SHEET: Biden-Harris Administration Leverages Historic U.S. Climate Leadership at Home and Abroad to Urge Countries to Accelerate Global Climate Action at U.N. Climate Conference (COP28) (full text)
Nuclear Energy Highlights
Leading Efforts to Accelerate Nuclear Energy Capacity. Intergovernmental Panel on Climate Change and IEA analysis shows that nuclear energy plays a key role in achieving global net zero goals. At COP28, the United States announced new initiatives to:
- Triple Nuclear Energy Capacity Globally by 2050 – The United States co-led a coalition of over 20 countries from four continents that launched a Declaration to Triple Nuclear Energy from 2020 levels by 2050 globally and invited shareholders of international financial institutions to encourage the inclusion of nuclear energy in energy lending policies.
- Jump Start Small Modular Reactor (SMR) Deployments Around the World – In response to the significant global interest in deploying U.S. SMR nuclear energy systems to support critical climate and energy security goals, the Export-Import Bank of the United States (EXIM) and U.S. Department of State are outlining EXIM’s suite of financial tools to support SMR deployments and help U.S. exporters remain competitive.
- Advancing a Secure Nuclear Fuel Supply Chain – Building on our pledge announced in April 2023 at the G7 meeting in Sapporo, Japan, the United States, Canada, Japan, France, and the United Kingdom will work to mobilize at least $4.2 billion in government-led investments to enhance their collective enrichment and conversion capacity over the next three years. These investments will catalyze private sector finance to build out safe, secure, and reliable global nuclear energy supply chains.
Launching a U.S. Fusion Energy International Partnership Strategy. This strategy will support the timely development, demonstration, and deployment of commercial fusion energy in strategic areas like research and development and harmonization of regulatory frameworks.
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