Nuclear energy stocktake: At COP30, momentum meets regulatory and financing realities

Global energy demand continues to climb, with electricity use projected to grow dramatically through midcentury. Meeting that demand while reducing emissions requires expanding every viable source of clean, firm energy. Nuclear power, with its ability to deliver reliable, firm zero-carbon electricity and heat at scale and speed, remains indispensable to that strategy. 

At COP28 in Dubai, 22 nations pledged under the Net-Zero Nuclear (NZN) initiative to work toward tripling global nuclear capacity by 2050, marking a historic recognition of nuclear energy’s central role in achieving a clean energy future. Two years on, as the world attends COP30 in Belém, that commitment offers an opportunity to take stock of progress made. 

From Washington to Brussels, governments are increasingly placing nuclear energy at the heart of their clean energy and industrial strategies. Yet progress since COP29 toward the NZN goal continues to face persistent hurdles, chiefly around financing, regulatory modernization, and supply chain readiness. 

U.S. leads with ambitious federal push for nuclear expansion and innovation 

The United States has made nuclear energy a pillar of its domestic and international climate and energy policy. The Trump 2.0 Administration’s “Make Atoms Great Again” agenda has reaffirmed the federal government’s commitment to scaling the sector, with executive orders aiming to quadruple U.S. nuclear capacity by 2050. The policy focus includes: 

• Accelerating the licensing and construction of new reactors, including advanced and small modular designs; 

• Modernizing the Nuclear Regulatory Commission (NRC) to accommodate next-generation technologies while maintaining independence and transparency; 

• Strengthening U.S. nuclear fuel supply chains to reduce reliance on foreign enrichment; 

• Expanding reactor exports to bolster U.S. global competitiveness; and 

• Building the American nuclear workforce to meet the growing demand for skilled engineers and operators. 

These steps mark a clear ambition to deploy nuclear energy but, as we’ve previously outlined, achieving the Administration’s targets will require a far more muscular approach to deployment and financing. While the retention of key tax credits from the Inflation Reduction Act is valuable, large-scale deployment will not happen without deeper federal involvement to reduce risk, streamline project delivery, and promote investment.  

Specifically, the U.S. needs to focus on establishing clear “orderbooks” of standardized reactor builds that enable cost reductions through economies of scale, rather than focusing on isolated projects. Federal cost-overrun insurance and expanded use of tools like loan guarantees and power purchase agreements could help de-risk early projects. Without these measures, the Administration’s goal of quadrupling U.S. nuclear capacity will remain aspirational. Beyond policy, the U.S. Army’s plan to deploy microreactors to power domestic bases illustrates nuclear energy’s growing appeal for energy security and resilience applications. 

In a historic first, Palisades nuclear plant set to restart operation 

The Holtec Palisades nuclear plant in Michigan is entering the final phase of a historic restart, with commercial operations expected by late 2025. Following NRC approval and fuel delivery, Palisades will become the first U.S. nuclear plant ever restarted from decommissioning. 

This milestone underscores the value of extending and revitalizing existing nuclear assets, opening new possibilities for other prematurely shuttered plants. 

Europe’s political realignment anchors nuclear as key part of its energy strategy 

Across Europe, political attitudes toward nuclear power are shifting rapidly. Once considered peripheral, nuclear energy is now seen as essential for decarbonization, competitiveness, and energy security. 

The European Nuclear Alliance among Member States creates a powerful bloc pushing for technology-neutral policies across EU institutions. Even Germany’s participation as an observer marks a tentative but notable potential recalibration in its stance toward EU-wide nuclear policymaking.  

Recent policy updates are also laying the foundation for a European nuclear resurgence: 

• Revised State Aid Rules from the European Commission have clarified how Member States can support nuclear energy through subsidies, contracts-for-difference (CfDs), and other mechanisms, recognizing nuclear’s strategic value to the bloc. 

• The Programme for Nuclear Energy (PINC) update assesses national commitments to deploy at least 60 GW of new large-scale nuclear capacity by 2050, which could be supplemented by dozens of gigawatts of SMR capacity depending on market conditions (See our recommendations here). 

• The European Industrial Alliance on SMRs released its Strategic Action Plan, advancing standardization, regulatory alignment, and supply chain development to accelerate deployment. 

Meanwhile, the UK’s Final Investment Decision on Sizewell C and its selection of the Rolls-Royce SMR design for further development signal that Europe’s nuclear ambitions are translating into action. 

Together, these steps are laying the foundation for nuclear energy to fulfill its role in delivering a secure, low-carbon energy mix across Europe, but concrete and actionable plans on financing, bolstering supply chains, readying the workforce, and standardizing regulatory frameworks are crucial to building on this momentum. 

COP30 ambitions

At COP30, global ambitions to triple nuclear capacity remain strong, but implementation and financing lag behind political momentum. The past year has seen a remarkable convergence of political will in both the U.S. and Europe. The challenge now is to translate commitments into concrete deployments, ensure fit-for-purpose regulatory environments, and mobilize capital at scale. 

With climate finance again high on the COP agenda, world leaders have an opportunity to anchor nuclear energy within broader climate investment frameworks, helping nations secure reliable, zero-carbon power while strengthening economic resilience.