A Rising Mass Of Support Could Lead To A U.S. Nuclear Renaissance

A group of the world’s biggest banks said Monday they will increase support for the expansion of nuclear power, according to the Financial Times. The banks, including Barclay’s, Bank of America, Citi, Morgan Stanley, BNP Paribas, and Goldman Sachs will make the formal announcement later Monday at an event with White House climate policy advisor John Podesta.

The stepped-up commitment from the banks is in support of goals set out at last year’s COP 28 conference to triple nuclear generation globally by 2050. It comes as expansion of wind generation - and, to a lesser extent, solar - is meeting with rising opposition from communities and struggling with profitability even while benefitting from a suite of government subsidies and tax incentives. It also comes as power grid managers struggle with increasing reliability issues as they are forced to integrate more and more intermittent wind and solar into their regional power structures.