World's biggest banks back nuclear power, and other top energy stories

A group of some of the world's biggest banks and financial institutions have said they will increase their support for nuclear energy.

At a recent event during New York Climate Week, 14 organizations, including Bank of America, Morgan Stanley and Goldman Sachs, expressed support for a COP28 call to triple global nuclear energy capacity by 2050, which has also been endorsed by 25 nations around the world.

Although the form of this support was not set out, nuclear experts, as the Financial Times reports, regard the show of support as recognition that the sector will have a vital role in the energy transition.

Finance has been an obstacle to new nuclear plants – which produce no carbon emissions – contributing to a slowdown in projects in Western countries since many reactors were built in the 1970s and 1980s, the paper says.

Financing for clean energy in emerging and developing economies (EMDEs) is among the biggest challenges to addressing the climate crisis, according to a new report.

The World Economic Forum's Playbook of Solutions to Mobilize Clean Energy Investment in the Global South states that while EMDEs (excluding China) make up two-thirds of the global population, they receive just 15% of clean energy investments. These economies collectively require $1.7 trillion a year in clean energy investment to achieve a secure, equitable net-zero future, it says.

The report outlines 100 examples of solutions from more than 45 Global South countries that could be replicated elsewhere to create a "conducive environment for clean energy for EMDEs".

It notes that "combining policy measures, finance mechanisms and de-risking tools offers important opportunities".

The report comes from the Forum's Network to Mobilize Investment for Clean Energy in the Global South, a public and private sector community working to develop practical solutions to accelerate the financing of energy transitions in emerging and developing economies.

The G20 Energy Summit, held last week in Foz do Iguaçu, Brazil, alongside the 15th Clean Energy Ministerial (CEM15) and 9th Mission Innovation (MI-9) meetings, marked a pivotal moment in shaping global energy policy. Ministers reaffirmed their commitment to accelerating clean, sustainable, and inclusive energy transitions in line with the SDG7 and Paris Agreement goals.

Notably, Brazil introduced the Global Coalition for Energy Planning, and the 2025 Energy Planning Summit was announced, further solidifying the country’s leadership in advancing global energy transitions.

Key outcomes from the summit included a strong focus on scaling investments in energy transition technologies and infrastructure, particularly in developing countries, to close the global funding gap and enhance energy security.

Ministers endorsed the "Principles for Just and Inclusive Energy Transitions" and set ambitious goals to triple renewable energy capacity and double energy efficiency by 2030. The summit also highlighted the importance of sustainable fuels, innovation, and transparent global markets for critical minerals.

The World Economic Forum has significantly contributed to the G20 Energy Transitions Working Group and collaborated with both CEM and MI to advance these topics.

A goal to triple global renewable energy capacity by 2030 is within reach, according to the International Energy Agency. For the world to fully see the benefits of this, nations need to push investments in grid infrastructure and energy storage, it said.

China is making record-level investments in other countries as it records a “tsunami” of investment in renewable energy projects, the Financial Times reports.

Oil prices have risen amid concerns that escalating conflict in the Middle East could threaten oil supplies.

After 142 years of coal power use, Britain's last coal-fired power plant has closed down.

The vast amount of power required by artificial intelligence could threaten the US's efforts to tackle climate change, which according to a report from BloombergNEF are off-track from national targets.

Meanwhile, the US's Three Mile Island nuclear plant will reopen after its owners signed a deal with Microsoft to supply the power needed for its data centres.

Japan's new industry minister has stated the country will continue to safely restart nuclear power plants and use as much renewable energy as possible.

Electricity generation from Australian solar and wind farms could match that from the country's coal-fired power plants this summer, according to projections from Reuters.

Uganda has formed a state-owned mining company to take stakes in mining operations as part of efforts to expand the country's share of the value from its mineral wealth.

Colombia is making progress on arranging a bidding round for geothermal energy generation, its government says. The country has prioritized a move away from its reliance on fossil fuels.

‘It’s just like plugging in your phone’ – in this article, the founder of the EV charging start-up It's Electric talks about public charging infrastructure and the mindset shift needed to scale EVs.

Accelerating the phase-out of coal could unlock a global economic opportunity worth $85 trillion, but what does the world need to do to make this happen? This piece looks at the challenge and some potential solutions.

India has ambitious net-zero targets, but a growing population is set to create a surge in energy demand. Green hydrogen could play a key role in meeting these needs while ensuring sustainability. Read more here.