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PATRICK MCHENRYCHAIRMAN


PRESS RELEASES



McHenry, Hill Introduce Bill to Finance Nuclear Energy at the World Bank and
Other International Lenders






Washington, March 8, 2021 -

Today, Congressman Patrick McHenry (NC-10), lead Republican on the House
Financial Services Committee, and Congressman French Hill (AR-02), lead
Republican on the Subcommittee on National Security, International Development,
and Monetary Policy, introduced the International Nuclear Energy Financing Act,
which would bring back financing for nuclear power at the World Bank. 

“Anyone who is serious about lowering carbon emissions should embrace support
for nuclear power through institutions like the World Bank,” said Ranking Member
McHenry. “Emerging markets will serve as the drivers of climate change in the
coming decades. If nuclear is in their energy mix, they can grow their way up
the income ladder while keeping greenhouse emissions under control. As the
leading multilateral lender for developing countries, the World Bank has a
unique opportunity to mitigate climate change while advancing its anti-poverty
mission.”

"For President Biden's climate plan to be serious, the administration should
prioritize nuclear support through the World Bank and other multilateral lenders
where the United States is a top shareholder. With the exception of Congress
easing restrictions at the Export-Import Bank of the United States, the United
States has largely remained on the sidelines while Beijing and Moscow continue
eyeing nuclear energy deals around the globe," said Rep. French
Hill. "The International Nuclear Energy Financing Act seeks to flip the script
on this narrative and encourages U.S. representatives at multilateral
development banks, including the World Bank, to advocate and push for nuclear
energy projects. Years of climate talks have resulted in handshakes and photo
opportunities with little action. It's past-time to advocate for emissions-free
nuclear power."

Background:

 * The International Nuclear Energy Financing Act would require the United
   States Executive Director at the World Bank to advocate and vote for
   financial assistance for nuclear energy. The bill would also permit U.S.
   representatives at other international financial institutions – including
   regional development banks for Asia, Africa, Europe, and Latin America – to
   push for nuclear projects. Taken together, the multilateral development banks
   can commit over $100 billion in annual financing.
 * The World Bank last approved a nuclear energy project more than 60 years ago,
   and other multilateral development banks have refrained from supporting
   nuclear power. At a time when the United States already finances nuclear
   energy abroad through the Export-Import Bank, it makes sense for the World
   Bank and other international financial institutions to embrace this clean
   energy source.

###


 



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