[Congressional Record Volume 171, Number 132 (Thursday, July 31, 2025)]
[Senate]
[Page S5123]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 3378. Mr. McCORMICK (for himself and Mr. Coons) submitted an
amendment intended to be proposed by him to the bill S. 2296, to
authorize appropriations for fiscal year 2026 for military activities
of the Department of Defense, for military construction, and for
defense activities of the Department of Energy, to prescribe military
personnel strengths for such fiscal year, and for other purposes; which
was ordered to lie on the table; as follows:
At the end of title X, add the following:
Subtitle H--International Nuclear Energy Financing Act of 2025
SEC. 1091. SHORT TITLE.
This subtitle may be cited as the ``International Nuclear
Energy Financing Act of 2025''.
SEC. 1092. FINDINGS.
Congress finds the following:
(1) Nuclear power is an emissions-free energy source that
produces approximately 30 percent of the world's low-carbon
electricity. In 2021, 33 countries operated nuclear power
plants.
(2) The People's Republic of China and the Russian
Federation have sought to export nuclear reactors to Europe,
Eurasia, Latin America, Africa, and South Asia. According to
a 2017 study by Columbia University's Center on Global Energy
Policy, Chinese and Russian nuclear reactors are associated
with higher safety risk than Western nuclear reactors. In
addition, financial and operational support for nuclear power
can extend over decades, allowing Beijing and Moscow to
secure long-term influence in both advanced and developing
economies.
(3) As of the date of the enactment of this Act, the
Russian Federation is building 21 reactors outside its
borders, while the People's Republic of China is assembling
more than one-third of reactors under construction globally.
According to research published in Nature Energy in February
2023, when the Russian Federation launched its invasion of
Ukraine in 2022, Russian state-owned nuclear operator Rosatom
``boasted as many as 73 different projects in 29 countries.
The projects were at very different stages of development
from power plants in operation; through construction of
reactors ongoing, contracted, ordered or planned; to
involvement in tenders, invitations to partnerships or
officially published proposals. On top of that, Russian
companies have bilateral agreements or memoranda of
understanding (MoUs) with 13 countries for services or
general joint development of nuclear energy.''.
(4) In its report titled, ``International Status and
Prospects for Nuclear Power 2021'', the International Atomic
Energy Agency wrote, ``A total of 28 countries have expressed
interest in nuclear power and are considering, planning or
actively working to include it into their energy mix. Another
24 Member States participate in the Agency's nuclear
infrastructure related activities or are involved in energy
planning projects through the technical cooperation
programme. Ten to twelve embarking Member States plan to
operate NPPs [nuclear power plants] by 2030-2035,
representing a potential increase of nearly 30% in the number
of operating countries. Several embarking countries have also
expressed interest in SMRs [small modular reactors]
technology, in particular Estonia, Ghana, Jordan, Kenya,
Poland, Saudi Arabia and Sudan, as well as expanding
countries such as South Africa.''.
(5) On December 2, 2023, the United States, alongside more
than 20 other countries, pledged to triple nuclear energy
capacity by 2050 and support the financing of nuclear energy
through the World Bank and regional development banks, so as
to ``encourage the inclusion of nuclear energy in their
organizations' energy lending policies as needed, and to
actively support nuclear power when they have such a
mandate''.
SEC. 1093. MULTILATERAL DEVELOPMENT BANK SUPPORT FOR NUCLEAR
ENERGY.
Title XV of the International Financial Institutions Act
(22 U.S.C. 262o et seq.) is amended by adding at the end the
following:
``SEC. 1506. MULTILATERAL DEVELOPMENT BANK SUPPORT FOR
NUCLEAR ENERGY.
``(a) In General.--The Secretary of the Treasury shall
instruct the United States Executive Director at the
International Bank for Reconstruction and Development, the
European Bank for Reconstruction and Development, and, as the
Secretary determines appropriate, any other multilateral
development bank (as defined in section 1307(g)) to use the
voice, vote, and influence of the United States to advocate
for--
``(1) the removal of prohibitions at the respective bank
against financial and technical assistance for the generation
and distribution of nuclear energy, to the extent that the
prohibitions apply to nuclear technologies that meet or
exceed the quality standards prevalent in the United States
or a country allied with the United States; and
``(2) increased internal capacity-building at the
respective bank for the purpose of assessing--
``(A) the potential role of nuclear energy in the energy
systems of client countries; and
``(B) the delivery of financial and technical assistance
described in paragraph (1) to those countries.
``(b) Sunset.--This section shall have no force or effect
beginning on the date that is 10 years after the date of the
enactment of the International Nuclear Energy Financing Act
of 2025.''.
SEC. 1094. ESTABLISHMENT OF NUCLEAR ENERGY ASSISTANCE TRUST
FUNDS.
Title XV of the International Financial Institutions Act
(22 U.S.C. 262o et seq.), as amended by section 1093, is
further amended by adding at the end the following:
``SEC. 1507. ESTABLISHMENT OF NUCLEAR ENERGY ASSISTANCE TRUST
FUNDS.
``(a) In General.--The Secretary of the Treasury shall
instruct the United States Executive Directors of the
International Bank for Reconstruction and Development, the
European Bank for Reconstruction and Development, and, as the
Secretary determines appropriate, other international
financial institutions to use the voice, vote, and influence
of the United States to encourage the establishment at each
such institution of a trust fund to be known as the `Nuclear
Energy Assistance Trust Fund' that meets the requirements of
subsections (b) and (c).
``(b) Purposes.--The purposes of a trust fund established
under subsection (a) at an international financial
institution shall be the following:
``(1) To provide financial and technical assistance to
support the generation, transmission, and distribution of
nuclear energy in borrowing countries.
``(2) To ensure that the international financial
institution makes financing available on competitive terms,
including for the purpose of countering credit extended by
the government of a country that is not a member of the
Arrangement on Officially Supported Export Credits of the
Organisation for Economic Co-operation and Development.
``(3) To exclusively support the adoption of nuclear energy
technologies that meet or exceed the quality standards
prevalent in the United States or a country allied with the
United States.
``(4) To strengthen the capacity of the international
financial institution to assess, implement, and evaluate
nuclear energy projects.
``(c) Use of Trust Fund Reflows.--The United States
Executive Director of the relevant international financial
institution shall advocate that reflows of a trust fund
established under subsection (a) at that institution be made
available for activities for the purposes described in
subsection (b), or the United States share of those reflows
shall be remitted to the general fund of the Treasury, as the
Secretary determines appropriate.
``(d) Rule of Interpretation.--This section shall not be
interpreted to affect the ability of the United States
Governor of, or the United States Executive Director at, an
international financial institution to encourage the
provision of financial or technical assistance from resources
of the institution other than a trust fund established under
subsection (a) to support the generation or distribution of
nuclear energy.
``(e) International Financial Institution Defined.--The
term `international financial institution' means an
institution specified in section 1701(c)(2).
``(f) Sunset.--This section shall have no force or effect
beginning on the date that is 10 years after the date of the
enactment of the International Nuclear Energy Financing Act
of 2025.''.
SEC. 1095. INCLUSION IN ANNUAL REPORT.
During the 7-year period beginning on the date of the
enactment of this Act, the Chairman of the National Advisory
Council on International Monetary and Financial Policies
shall include in the annual report required by section 1701
of the International Financial Institutions Act (22 U.S.C.
262r) a description of any progress made--
(1) to promote assistance by multilateral development banks
(as defined in such section) for nuclear energy; and
(2) to establish a trust fund pursuant to section 1507 of
such Act (as added by section 1094) or, as the case may be, a
summary of the activities of any such trust fund.
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