Nuclear energy sees global resurgence and policy shifts

Nuclear energy is experiencing a global resurgence as nations seek reliable baseload power to complement intermittent renewable sources like wind and solar. At COP28, over 20 countries, including the United States, France, Japan, the United Kingdom, and the UAE, signed a declaration to triple nuclear energy capacity by 2050. This shift is driven in part by energy security concerns following the disruption of natural gas supplies in Europe.

Financial barriers to nuclear development are also easing. In June 2025, the World Bank Executive Board ended a multi-decade ban on financing nuclear energy projects. Additionally, major financial institutions such as Bank of America, Goldman Sachs, and Citigroup have expressed support for the global initiative to expand nuclear capacity.

Historically, the development of mobile nuclear technology dates back to the mid-1960s with the US Army Nuclear Power Program. This program produced the MH-1A reactor, a 10-megawatt pressurized water unit installed aboard the USS Sturgis, a converted Liberty Ship. This project represented an early attempt to deploy small reactors to remote regions for electricity supply.