Major Banks Pledge to Triple Global Nuclear Energy Capacity by 2050

Fourteen financial giants, including Goldman Sachs and Bank of America, back a global initiative to expand nuclear power as a key solution to climate change.

• The Declaration to Triple Global Nuclear Energy Capacity by 2050 was first launched at COP28 in 2023 and has now gained the support of 14 major financial institutions.
• The declaration, endorsed by 25 countries, aims to decarbonize power grids and meet global net-zero targets through nuclear energy.
• Financial mechanisms, such as government-backed loans and risk-sharing models, are highlighted as crucial to making nuclear projects viable.
• Big Tech companies like Microsoft and Oracle are increasingly investing in nuclear energy to power data centers and AI technologies.
• Despite backing nuclear energy, some U.S. banks face criticism for continuing to fund fossil fuel projects, raising concerns among climate advocates.

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