Lee Harris and Malcolm Moore of The Financial Times report that the world’s largest banks have pledged support for nuclear power.
- Fourteen of the world’s largest banks, including Barclays and Bank of America, have announced that they will increase their support of nuclear power projects.
- Despite the fact that it is safe, reliable, and carbon-free, nuclear energy has been historically held back due to its high upfront costs and lack of support from financial firms (compared to other energy sources).
- Although the banks did not specify how they would support nuclear power, the statement is a good show of support for the nuclear energy industry.
“Nuclear energy has also started to gain support from Big Tech, which sees it as one low-carbon solution to powering data centres. On Friday, Microsoft announced a 20-year deal with Constellation Energy to restart an 835-megawatt nuclear reactor at Three Mile Island in Pennsylvania that was in the process of being decommissioned. Larry Ellison, co-founder and chief technology officer of Oracle, said this month that the company was designing a huge data centre with ‘permits for three . . . small modular nuclear reactors’.”
Read the full article here.
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