McHenry, Hill Urge Yellen to Support Financing for Nuclear Energy Projects at Global Financial Institutions
Washington,
October 18, 2022 -
Following last week’s Annual Meetings of the International Monetary Fund and the World Bank Group, House Financial Services Committee Republican Leader Patrick McHenry (NC-10) and Rep. French Hill (AR-02), sent a letter to Treasury Secretary Janet Yellen urging her to support and advocate for nuclear energy investments at the European Bank for Reconstruction and Development (EBRD) and other international financial institutions (IFIs).
Read the full letter here. Read key excerpts below:
Citing Russia’s weaponization of its oil and gas sectors amid the war in Ukraine, the members write, “The world must look to a diverse mix of energy sources to manage the energy transition for decades to come and relying exclusively on renewables is not a sustainable energy policy, especially for developing countries. Nuclear energy will be essential for countries to meet their energy needs.”
They continued, “[C]urrent policies prevent the Bank [EBRD] from providing funding for the construction of new nuclear power plants. This is a mistake…The EBRD should follow the example of the U.S. Development Finance Corporation, which relaxed its own nuclear investment ban in 2020 with bipartisan support from Congress. In the absence of multilateral financing for nuclear projects, China and Russia are filling the void, particularly in developing countries.”
The members conclude, “Supporting nuclear energy investments at the EBRD and other IFIs would demonstrate U.S. leadership on climate and energy issues globally, counter Russian and Chinese influence as bilateral creditors for nuclear projects, and allow developing countries to sustainably build their energy capacity and resources…The U.S. is in a position to advocate for a change to the Bank’s current nuclear investment ban as it is the largest shareholder of the EBRD.”
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