McHenry, Hill Introduce Bill to Finance Nuclear Energy at the World Bank and Other International Lenders
Washington,
March 8, 2021 -
Today, Congressman Patrick McHenry (NC-10), lead Republican on the House Financial Services Committee, and Congressman French Hill (AR-02), lead Republican on the Subcommittee on National Security, International Development, and Monetary Policy, introduced the International Nuclear Energy Financing Act, which would bring back financing for nuclear power at the World Bank.
“Anyone who is serious about lowering carbon emissions should embrace support for nuclear power through institutions like the World Bank,” said Ranking Member McHenry. “Emerging markets will serve as the drivers of climate change in the coming decades. If nuclear is in their energy mix, they can grow their way up the income ladder while keeping greenhouse emissions under control. As the leading multilateral lender for developing countries, the World Bank has a unique opportunity to mitigate climate change while advancing its anti-poverty mission.”
"For President Biden's climate plan to be serious, the administration should prioritize nuclear support through the World Bank and other multilateral lenders where the United States is a top shareholder. With the exception of Congress easing restrictions at the Export-Import Bank of the United States, the United States has largely remained on the sidelines while Beijing and Moscow continue eyeing nuclear energy deals around the globe," said Rep. French Hill. "The International Nuclear Energy Financing Act seeks to flip the script on this narrative and encourages U.S. representatives at multilateral development banks, including the World Bank, to advocate and push for nuclear energy projects. Years of climate talks have resulted in handshakes and photo opportunities with little action. It's past-time to advocate for emissions-free nuclear power."
Background:
- The International Nuclear Energy Financing Act would require the United States Executive Director at the World Bank to advocate and vote for financial assistance for nuclear energy. The bill would also permit U.S. representatives at other international financial institutions – including regional development banks for Asia, Africa, Europe, and Latin America – to push for nuclear projects. Taken together, the multilateral development banks can commit over $100 billion in annual financing.
- The World Bank last approved a nuclear energy project more than 60 years ago, and other multilateral development banks have refrained from supporting nuclear power. At a time when the United States already finances nuclear energy abroad through the Export-Import Bank, it makes sense for the World Bank and other international financial institutions to embrace this clean energy source.
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