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Major banks announce support to triple nuclear energy by 2050

Fourteen global banks and financial institutions, including Goldman Sachs and Morgan Stanley, have announced their support to back efforts to triple nuclear energy by 2050, a pledge made at COP28 in 2023.

“Our collective mission is clear: nuclear energy is clean energy, and if we are to ensure a livable planet, build secure, sustainable supply chains for clean energy and bolster prosperity around the world, we need to make sure that nuclear energy does its part. I know we can make it happen—as long as we work together” — said John Podesta, Senior Advisor to the President for International Climate Policy, in the opening remarks.

At Climate Week in New York City, the banks were joined by government representatives and indsutry leaders. The financial institutions included:

Abu Dhabi Commercial Bank
Ares Management
Bank of America
Barclays
BNP Paribas
Brookfield
Citi
Credit Agricole CIB
Goldman Sachs
Guggenheim Securities LLC
Morgan Stanley
Rothschild & Co.
Segra Capital Management
Societe Generale

“This event is going to be a game-changer” — George Borovas, head of the nuclear practice at law firm Hunton Andrews Kurth and a board member of the World Nuclear Association told the Financial Times

Annual projections for the expansion of nuclear power have been revised up for a fourth successive year, by the International Atomic Energy Agency (IAEA). World nuclear capacity is now projected to increase by x2.5 the current capacity by 2050, in the IAEA’s high case scenario.

world nuclear energy capacity 2050 - The Oregon Group - Investment Insights

Such an expansion of nuclear energy, of course, would be very bullish for uranium, which is at the start of a 10-year bull market, according to our report.

The Uranium Bull Market and the Coming of the Second Atomic Age — The Oregon Group Report

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