WASHINGTON — Sens. Dave McCormick, R-Pa., and Chris Coons, D-Del., have introduced the International Nuclear Energy Financing Act, which would encourage more financing for nuclear energy projects to create jobs here in the United States. “American nuclear energy innovations built in places like Pennsylvania should power the world,” McCormick said.

“President Trump, Secretary Wright, and I agree that nuclear power is a critical part of any credible ‘all of the above’ approach to energy that unleashes American energy dominance. 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.”

Coons said, “If we’re going to help our allies achieve energy security and combat climate change around the globe, we need to encourage as many countries as we can to shift to reliable sources of clean power, and that includes nuclear energy.

“China and Russia are financing nuclear power plants around the world with strings attached, pulling countries further and further into debt-trap diplomacy and their spheres of influence,” he continued. “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.”

Pennsylvania is the nation’s second largest producer of nuclear power and a global leader in nuclear energy innovation. Despite the significant benefits nuclear power can provide in emerging markets, the World Bank has not financed a single nuclear power project since 1959. This vacuum has let China and Russia supply and finance most of the world’s ongoing nuclear energy projects, hurting the competitiveness of American workers in the nuclear industry. Earlier this year, the World Bank announced it would consider ending its ban on lending for nuclear projects. Secretary of the Treasury Scott Bessent said this change “could revolutionize energy supply for many emerging markets.” This bill would instruct U.S. representatives at the World Bank, European Bank for Reconstruction and Development, and regional development banks around the world to advocate for additional support for nuclear energy projects and the establishment of nuclear energy assistance trust funds. These efforts would include removing any prohibitions for financing nuclear energy projects. This is the Senate companion to H.R. 1474, which was introduced by House Financial Services Committee Chairman French Hill, R-Ark., and Rep. Ritchie Torres, D-N.Y., and passed the House Financial Services Committee on March 5.

McCormick and Coons serve on the Senate Foreign Relations Committee Subcommittee on Multilateral International Development, Multilateral Institutions, & International Economic, Energy, and Environmental Policy, which has jurisdiction over U.S. participation in international financial institutions.