McHenry, Hill Reintroduce Bill to Finance Nuclear Energy at the World Bank and Other International Lenders
Washington,
February 7, 2023 -
Ahead of today’s hearing entitled “Combatting the Economic Threat From China,” the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, French Hill (AR-02), reintroduced the International Nuclear Energy Financing Act. This legislation, first introduced in 2021, would bring back financing for nuclear power at the World Bank and other international financial institutions.
“By allowing bad actors like China to dominate global energy financing, the United States is endorsing our opponents’ export of inferior nuclear technology to fuel international development,” said Chairman McHenry. “For America to continue leading the world in reducing carbon emissions, we must commit to financing the production of safe, clean, and reliable nuclear energy in emerging markets. Pushing the World Bank—the leading multilateral lender for developing countries—to finance clean nuclear energy will mitigate climate change, while helping the Bank deliver on its anti-poverty mission. I’m proud to reintroduce this critical legislation with my friend Congressman Hill to combat the Chinese Communist Party’s malign influence abroad and reduce global carbon emissions.”
"For years, we have listened to calls for climate action, yet have seen little action,” said Congressman Hill. “The International Nuclear Energy Financing Act would require U.S. representatives at multilateral development banks to advocate for nuclear energy projects. With China and India continuing to push for nuclear energy deals around the world, I urge the Biden Administration to prioritize nuclear support through the World Bank and other multilateral lenders where the U.S. is a top shareholder. Nuclear energy must be a part of an ‘all-of-the-above’ approach to energy and national security in America and around the world, and I support Chairman McHenry’s legislation to accomplish this.”
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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