Financing nuclear: from policy ambition to investable programmes

Nuclear power has returned to the centre of energy policy. Rising electricity demand, energy security concerns and the need for reliable, low-carbon generation have renewed interest in nuclear capacity expansion, life-extension programmes and emerging technologies such as small modular reactors (SMRs).

However, translating policy ambition into a financeable pipeline of nuclear projects remains a significant challenge. Long construction periods, complex regulatory processes, construction risks and uncertainty around future energy systems all influence the investment case. Realising the sector’s expansion ambitions will require more than government commitments: it will depend on standardisation, appropriate risk allocation, regulatory credibility and confidence in programme delivery.

This paper examines the strategic outlook for nuclear power and the scale and timing of the global investment opportunity. It explores the principal barriers to investment, the financing challenges facing different nuclear technologies, and what is needed to move beyond individual projects towards investable programmes at scale.