May 13, 2025
Mr. McCormick (for himself and Mr. Coons) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations
To provide for advocation of support for nuclear energy, and establish a nuclear energy assistance trust fund, at the World Bank, the European Bank for Reconstruction and Development, and other international financial institutions, as appropriate, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
Section 1. Short title
This Act may be cited as the International Nuclear Energy Financing Act of 2025
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Sec. 2. Findings
Congress finds the following:
(1)
Nuclear power is an emissions-free energy source that produces approximately 30 percent of the world’s low-carbon electricity. In 2021, 33 countries operated nuclear power plants.
(2)
The People’s Republic of China and the Russian Federation have sought to export nuclear reactors to Europe, Eurasia, Latin America, Africa, and South Asia. According to a 2017 study by Columbia University’s Center on Global Energy Policy, Chinese and Russian nuclear reactors are associated with higher safety risk than Western nuclear reactors. In addition, financial and operational support for nuclear power can extend over decades, allowing Beijing and Moscow to secure long-term influence in both advanced and developing economies.
(3)
As of the date of the enactment of this Act, the Russian Federation is building 21 reactors outside its borders, while the People’s Republic of China is assembling more than one-third of reactors under construction globally. According to research published in Nature Energy in February 2023, when the Russian Federation launched its invasion of Ukraine in 2022, Russian state-owned nuclear operator Rosatom boasted as many as 73 different projects in 29 countries. The projects were at very different stages of development from power plants in operation; through construction of reactors ongoing, contracted, ordered or planned; to involvement in tenders, invitations to partnerships or officially published proposals. On top of that, Russian companies have bilateral agreements or memoranda of understanding (MoUs) with 13 countries for services or general joint development of nuclear energy.
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(4)
In its report titled, International Status and Prospects for Nuclear Power 2021
, the International Atomic Energy Agency wrote, A total of 28 countries have expressed interest in nuclear power and are considering, planning or actively working to include it into their energy mix. Another 24 Member States participate in the Agency’s nuclear infrastructure related activities or are involved in energy planning projects through the technical cooperation programme. Ten to twelve embarking Member States plan to operate NPPs [nuclear power plants] by 2030–2035, representing a potential increase of nearly 30 percent in the number of operating countries. Several embarking countries have also expressed interest in SMRs [small modular reactors] technology, in particular Estonia, Ghana, Jordan, Kenya, Poland, Saudi Arabia and Sudan, as well as expanding countries such as South Africa.
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(5)
On December 2, 2023, the United States, alongside more than 20 other countries, pledged to triple nuclear energy capacity by 2050 and support the financing of nuclear energy through the World Bank and regional development banks, so as to encourage the inclusion of nuclear energy in their organizations’ energy lending policies as needed, and to actively support nuclear power when they have such a mandate
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Sec. 3. Multilateral development bank support for nuclear energy
Title XV of the International Financial Institutions Act (22 U.S.C. 262o et seq.) is amended by adding at the end the following:
1506. Multilateral development bank support for nuclear energy
(a) In general
The Secretary of the Treasury shall instruct the United States Executive Director at the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, and, as the Secretary determines appropriate, any other multilateral development bank (as defined in section 1307(g)) to use the voice, vote, and influence of the United States to advocate for—
(1)
the removal of prohibitions at the respective bank against financial and technical assistance for the generation and distribution of nuclear energy, to the extent that the prohibitions apply to nuclear technologies that meet or exceed the quality standards prevalent in the United States or a country allied with the United States; and
(2)
increased internal capacity-building at the respective bank for the purpose of assessing—
(A)
the potential role of nuclear energy in the energy systems of client countries; and
(B)
the delivery of financial and technical assistance described in paragraph (1) to those countries.
(b) Sunset
This section shall have no force or effect beginning on the date that is 10 years after the date of the enactment of the International Nuclear Energy Financing Act of 2025.
Sec. 4. Establishment of nuclear energy assistance trust funds
Title XV of the International Financial Institutions Act (22 U.S.C. 262o et seq.), as amended by section 3, is further amended by adding at the end the following:
1507. Establishment of nuclear energy assistance trust funds
(a) In general
The Secretary of the Treasury shall instruct the United States Governors of the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, and, as the Secretary determines appropriate, other international financial institutions to use the voice, vote, and influence of the United States to establish at each such institution a trust fund to be known as the
Nuclear Energy Assistance Trust Fundthat meets the requirements of subsections (b) and (c).(b) Purposes
The purposes of a trust fund established under subsection (a) at an international financial institution shall be the following:
(1)
To provide financial and technical assistance to support the generation and distribution of nuclear energy in borrowing countries.
(2)
To ensure that the international financial institution makes financing available on competitive terms, including for the purpose of countering credit extended by the government of a country that is not a member of the Arrangement on Officially Supported Export Credits of the Organisation for Economic Cooperation and Development.
(3)
To exclusively support the adoption of nuclear energy technologies that meet or exceed the quality standards prevalent in the United States or a country allied with the United States.
(4)
To strengthen the capacity of the international financial institution to assess, implement, and evaluate nuclear energy projects.
(c) Use of trust fund revenues
The revenues of a trust fund established under subsection (a) shall be made available for activities for the purposes described in subsection (b), or the United States share of those revenues shall be remitted to the general fund of the Treasury, as the Secretary determines appropriate.
(d) Rule of interpretation
This section shall not be interpreted to affect the ability of the United States Governor of, or the United States Executive Director at, an international financial institution to encourage the provision of financial or technical assistance from resources of the institution other than a trust fund established under subsection (a) to support the generation or distribution of nuclear energy.
(e) International financial institution defined
The term international financial institution means an institution specified in section 1701(c)(2).
(f) Sunset
This section shall have no force or effect beginning on the date that is 10 years after the date of the enactment of the International Nuclear Energy Financing Act of 2025.
Sec. 5. Inclusion in annual report
During the 7-year period beginning on the date of the enactment of this Act, the Chairman of the National Advisory Council on International Monetary and Financial Policies shall include in the annual report required by section 1701 of the International Financial Institutions Act (22 U.S.C. 262r) a description of any progress made—
(1)
to promote assistance by multilateral development banks (as defined in such section) for nuclear energy; and
(2)
to establish a trust fund pursuant to section 1507 of such Act (as added by section 4) or, as the case may be, a summary of the activities of any such trust fund.