Nuclear power gets a philanthropy boost with new coalition by Temasek Trust, The Rockefeller Foundation
Some key objectives are making the technology bankable and nurturing global talent
Add BT as a preferred source
[SINGAPORE] Temasek Trust and The Rockefeller Foundation have formed a coalition to attract philanthropic capital for nuclear power – as the clean energy source experiences a surge of interest across the world.
The Global Coalition for Nuclear Philanthropy (GCNP) aims to support more countries in exploring the “safe and credible” adoption of nuclear power over the next five to 10 years, Temasek Trust and The Rockefeller Foundation announced on Tuesday (May 19).
Temasek Trust’s philanthropy advisory arm TT Foundation Advisors will provide the GCNP with donor-advised funds – vehicles set up for charitable giving – and grant management support in its initial years.
Nuclear power technologies such as small modular reactors are advancing fast and costs are decreasing, said Ashvin Dayal, senior vice-president for power at The Rockefeller Foundation.
As such “many developing and emerging economies could add safe, abundant, clean baseload power to their energy mix”, he said in a statement released during the annual Philanthropy Asia Summit, held at the Sands Expo and Convention Centre.
Philanthropy has historically underinvested in nuclear power. Less than 0.2 per cent of climate philanthropy supports nuclear energy, according to an analysis by global non-profit Founders Pledge, tapping data from the ClimateWorks Foundation.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The GCNP wants to make nuclear power bankable, by derisking financing structures and attracting the public and private capital needed to bring nuclear projects to scale.
It will also build the case for nuclear power – by tying it to outcomes such as energy security and equitable support – and nurture global talent, institutions and networks. Strengthening safety, security, and governance frameworks is another key focus.
The coalition hopes to support “responsible approaches” to nuclear energy with the highest standards of safety and waste management, said Temasek Trust’s CEO Desmond Kuek.
The Oppenheimer Project, which co-developed GCNP from concept to launch, will serve as a strategic partner. The US-based organisation was founded by the grandson of physicist Robert Oppenheimer and supports peaceful use of nuclear technology.
“The coalition welcomes philanthropic partners to join this effort,” Temasek Trust and The Rockefeller Foundation said.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
