Banks Support Tripling Nuclear Energy Capacity by 2050

Fourteen major financial institutions, including Goldman Sachs, Morgan Stanley, and Bank of America, have pledged support to triple global nuclear energy capacity by 2050. This initiative, announced during New York's Climate Week, aligns with the emissions targets established at COP28, highlighting a renewed interest in nuclear energy as a viable clean energy source. Analysts indicate that the banks' backing could play a critical role in the nuclear sector's revival, despite past hesitance due to high costs and environmental concerns. The collaborative effort aims to facilitate financing for nuclear projects, which are deemed essential for achieving net-zero emissions by mid-century. Furthermore, interest in nuclear energy is also growing among Big Tech companies seeking sustainable energy sources for data centers and AI technologies. This shift represents a significant potential turning point in the energy landscape, as stakeholders increasingly recognize nuclear power's role in the transition to a low-carbon economy.