U.S. Reps. Patrick McHenry (R-NC) and French Hill (R-AR) have reintroduced the International Nuclear Energy Financing Act, which seeks to restore nuclear power financing at the World Bank.
Initially introduced in 2021, the measure would also apply to other international financial institutions and stems from efforts to combat Chinese economic threats.
“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,” McHenry, House Financial Services Committee chairman, said. “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.”
The legislation would require the United States Executive Director at the World Bank to advocate and vote for financial assistance for nuclear energy while permitting U.S. representatives at other international financial institutions, including regional development banks for Asia, Africa, Europe, and Latin America, to encourage nuclear projects.
“For years, we have listened to calls for climate action, yet have seen little action,” said Hill, chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee. “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.”