Alerts Energy Infrastructure / Innovations Nuclear 4 December, 2023 7:30 am   

COP28: France proposes a nuclear renaissance instead of the German turn to RES, and Poland is all for it

Coal and Gas Generation A nuclear power plant. Picture by EDF Energy

The French are working on a letter to heads of development banks calling for support for nuclear projects across the world in a different formula. Deploying funds from the European Bank for Reconstruction and Development would make it possible to expand nuclear technology across the world and France could lead this movement, just like Germany used to lead the green revolution.

France has presented a draft letter that is to be sent to the heads of the biggest development banks that bankroll energy projects, and the European Bank for Reconstruction and Development is on top of the list in Europe. “Development banks play a key role in achieving a just transition,” the draft reads. It proposes to amend the statutes of these banks in order to free aid to the nuclear power industry.

Nuclear reactor technologies have become more popular after the energy crisis, due to the fact that Russia limited fossil fuel supply to manipulate prices. In addition, the authors of the letter argue that the world has become very interested in the construction of new or renovation of existing nuclear power plants. On top of that nuclear technologies are experiencing accelerated development, giving hope for a greater return on investment.

“Many countries would benefit from adding nuclear power to the mix, especially developing countries that are looking for ways to decarbonize production with sources that are both clean, sustainable and cost – effective,” the letter said. Development banks could support nuclear power at various stages of the supply chain. Such declarations could be made at the COP28 climate summit in Paris that will happen at the end of November and early December.

It is worth recalling that in the past, similar appeals were made by Germany wanting to promote a return to renewable energy sources (RES), whose know-how Berlin mastered the best in the world. The French initiative can serve as a similar promotion of nuclear technologies and the development of markets across the globe. Poland can benefit as a country planning 6-9 GW in nuclear power by 2043 and creating a financing model that involves bank loans.

Wojciech Jakóbik