2024-04-09 09:30:03
While officially nuclear power is one of the activities eligible for financing from the EIB, the latter no longer provides any financing for the construction of new reactors. The new president appointed at the head of this institution could change the situation, but European countries, notably Germany, are still opposed to the atom.
The European Investment Bank (EIB) is the main financing institution of the European Union. At the heart of its missions: support for actions in favor of the climate. In its roadmap, it committed to supporting 1,000 billion euros of green investments by 2030 and to align all its new operations with the Paris agreement. Having become Europe’s green bank, it has decided to devote more than 50% of its investments to activities in favor of the climate and environmental sustainability by 2025. But for the moment, it does not plan to finance the construction of new nuclear reactors.
Officially, however, nuclear power is one of the activities eligible for EIB financing. Except that since 1987, this institution has no longer provided any support to new nuclear projects and is content to finance projects linked to nuclear safety or the fuel cycle. A new direction could come with the change in the presidency of the EIB. Since January 1, 2024, the German Werner Hoyer, opposed to the atom, has in fact been replaced by the Spaniard Nadia Calvino, who seems more open to supporting nuclear power. In an interview given to Financial Timesshe declared that “Europe must act if it does not want to be late with regard to small modular reactors, which are still in a research phase within the EU. »
At the head of the EIB, however, reluctance is still being heard, since Vice President Thomas Östros said at the Nuclear Energy Summit which was held on March 21: “Until 2030, we will focus primarily on renewable energies.” And to add: “we are a bank and we consider the risks of projects [nucléaires] as very high”.
Member countries clash between pro and anti-nuclear
The European Commission is also involved in whether or not it supports the development of nuclear power, since it is responsible for providing an opinion on all EIB financing. During the last nuclear energy summitPresident Ursula von der Leyen gave her support by saying that “nuclear technologies can play an important role in the transition to clean energy”. And among all the tasks to be accomplished to support nuclear power, she declared: “It is first of all necessary to secure new investments. » It also provided support for innovation in new technologies, ” especially […] small modular reactors, or SMRs. »
Despite everything, the financing of new nuclear projects should come up against the mode of governance of the EIB, the decision-making process of which must be taken in consultation with the 27 Member States, shareholders of this institution. And in the anti-nuclear camp is Germany, among others, which considers that nuclear power is dangerous and should not be developed, unlike renewable energies. For its part, the European Nuclear Alliance, which has 14 member states, is campaigning for the European Union to contribute to the financing of nuclear projects through financial instruments such as the EIB, but also the Innovation Fund and Important Projects of Common European Interest (IPCEI).
If agreed, the EIB acts as a complementary source of financing and can cover up to 50% of the cost of the financed project.
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