Investing.com -- U.S. senators from both the Democratic and Republican parties introduced a bill on Monday with the objective of counteracting the growing influence of China and Russia on international nuclear energy development. This move comes as these countries rapidly expand their nuclear energy capabilities, with China developing domestic reactors and Russia entering into deals with Southeast Asian countries and other regions.
The Trump administration has been considering draft executive orders aimed at increasing its control over approvals for nuclear reactor projects, which are currently managed by an independent agency. These orders also propose assessments on recycling nuclear waste, a process that is opposed by experts in nuclear proliferation.
The legislation has bipartisan support, with Republican Senators Jim Risch and Mike Lee, and Democrats Martin Heinrich and Chris Coons sponsoring the bill. This support stems from expectations of a surge in electricity demand, driven by artificial intelligence data centers. Nuclear power, which is virtually carbon-free and offers high-paying jobs, is seen as a solution to meet this demand. However, the development of reactors has been hindered by delays, high costs, and the production of radioactive waste.
The proposed International Nuclear Energy Act aims to establish an office that would enhance nuclear exports, financing, and the standardization of regulations and licensing. The bill also proposes the establishment of a fund to finance projects crucial to national security. It mandates a cabinet-level meeting every two years to discuss safety, security, and the relationship between the industry and government.
Senator Risch highlighted the importance of U.S. leadership in nuclear energy development in a press release, stating, "If the U.S. doesn’t lead on nuclear energy development, Russia and China will." He added that nuclear power provides the U.S. with the "tools we need to compete with these authoritarian aggressors."
Senator Lee stressed the need for American energy dominance, stating it would "require us to streamline our nuclear exports, foster our relationships abroad, and bring the full weight of American industry to bear in out-competing our geopolitical adversaries."
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