The Rockefeller Foundation and Temasek Trust announce Global Coalition for Nuclear Philanthropy.

The Rockefeller Foundation and Temasek Trust have, on May 19, announced the launch of the Global Coalition for Nuclear Philanthropy (GCNP), a collaborative initiative to deploy philanthropic capital to support nuclear energy as a driver for clean energy security, economic growth, energy abundance and human development.

The coalition aligns with the COP28 Declaration to Triple Nuclear Energy, a pledge signed by over 30 countries to triple their nuclear power capacity by 2050 to meet net-zero goals.

Oppenheimer Project, which co-developed the coalition, will serve as its strategic partner.

TT Foundation Advisors, the philanthropy advisory arm of Temasek Trust, will provide infrastructure support for the GCNP’s secretariat in its initial years. This includes tailored donor-advised funds and grant management services.

“Universal energy abundance – the kind that powers industries, anchors economies, and raises living standards for billions – requires firm, clean power alongside renewables,” says Ashvin Dayal, senior vice president for power at The Rockefeller Foundation. “The next generation of nuclear technologies, including small modular reactors, is advancing fast and costs are coming down, opening a real prospect that many developing and emerging economies could add safe, abundant, clean baseload power to their energy mix.”

“Getting there will take serious work on policy, regulation, finance and human capital. That is precisely why we are forming the Global Coalition for Nuclear Philanthropy now,” he adds.

“Through the GCNP, we aim to convene like-minded partners to support informed dialogue and responsible approaches to nuclear energy in upholding the highest standards of safety, security, and responsible waste management,” he adds.

Referring to analysis by Founders Pledge and drawing on data from ClimateWorks Foundation, only 0.1% to 0.2% of climate philanthropy supports nuclear energy, which means less than $2 of every $1,000 donated goes to nuclear energy. Yet, interest and investment in nuclear energy are growing among policymakers, leading technology companies, and financial institutions, reads the joint statement.

The statement also outlined several aims for the coalition for the next five to 10 years, which includes developing data-informed, culturally grounded narratives that connect nuclear energy to concrete outcomes such as energy security, climate resilience, industrial competitiveness and equitable development, as well as build durable public support.

In addition, the coalition seeks to expand the global talent, institutions and networks required to deploy and govern nuclear power safety and effectively. At the same time, it aims to de-risk financing structures and attract public and private capital needed to bring nuclear projects to scale.

In the next five to 10 years, the coalition also hopes to build upon successful initiaitves to strengthen safety, security and governance frameworks to ensure the expansion of nuclear energy is verifiable and robust.

Source: theedgesingapore