WASHINGTON, D.C. — Senators Dave McCormick (R-PA) and Chris Coons (D-DE) have introduced the International Nuclear Energy Financing Act, aiming to boost U.S. involvement in nuclear energy development while countering the influence of China and Russia in global energy markets. The bipartisan bill was unveiled on Tuesday, May 13, and calls for increased financing of nuclear energy projects through U.S.-backed international financial institutions.
“American nuclear energy innovations built in places like Pennsylvania should power the world,” Senator McCormick noted. “Helping finance more safe, clean, and reliable nuclear energy projects that don’t use substandard Chinese and Russian technology will advance our national security and create good jobs and economic opportunity in Pennsylvania and across America.”
Senator Coons emphasized the geopolitical stakes involved, stating, “China and Russia are financing nuclear power plants around the world with strings attached, pulling countries further and further into debt-trap diplomacy. This bill is a first step to giving countries the opportunity to pursue financing for nuclear power projects through U.S.-backed International Financial Institutions, without the accompanying heavy hand of our enemies.”
The U.S. is the second-largest producer of nuclear power, with Pennsylvania playing a leading role in innovation within the sector. However, since 1959, the World Bank has not financed a single nuclear project, creating an opportunity for nations like China and Russia to dominate the market. Earlier this year, the World Bank announced it may consider lifting its ban on nuclear lending, a move Treasury Secretary Scott Bessent described as having the potential to “revolutionize energy supply for many emerging markets.”
The proposed legislation directs U.S. representatives at institutions like the World Bank and the European Bank for Reconstruction and Development to advocate for expanding financial support for nuclear energy. It also calls for the establishment of nuclear energy trust funds and the removal of restrictions on financing such projects.
The bill complements similar efforts in the House, where H.R. 1474, introduced by Reps. French Hill (R-AR) and Ritchie Torres (D-NY), passed the House Financial Services Committee earlier this year.
Both senators serve on the Senate Foreign Relations Subcommittee overseeing U.S. engagement with international financial institutions, where they will continue to advocate for nuclear energy’s role in securing global energy independence and mitigating climate change.
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