A Republican congressman from North Carolina says the U.S. needs to do more to promote nuclear power around the world.
Patrick McHenry is asking Treasury Secretary Janet Yellen to help.
McHenry — whose district includes Statesville, Hickory, and Lincolnton — is the ranking member of the House Financial Services Committee.
The European Bank for Reconstruction and Development provides financial help to distressed nations. For example, it's helping Ukraine rebuild its power grid after recent Russian attacks. While the bank can fund repairs and renovations to nuclear plants, it's forbidden to fund the construction of new reactors. McHenry says this is a problem since developing nations are turning to nuclear energy to meet emissions reduction targets.
He and Arkansas Republican Rep. French Hill have written a letter to Yellen, asking her to get the bank to change its policy since the U.S. is the bank's largest shareholder.
"The world must look to a diverse mix of energy sources to manage the energy transition for decades to come and relying exclusively on renewables is not a sustainable energy policy, especially for developing countries. Nuclear energy will be essential for countries to meet their energy needs," the letter said.
McHenry and Hill say developing nations says nations may turn to China and Russia for nuclear financing in the absence of European funds.
"Encouraging greater multilateral financing can also help attract Western investment to projects in developing countries, strengthen geopolitical ties, and present commercial opportunities to deploy American technology on the design and completion of new nuclear reactors," McHenry and Hill wrote in the letter.
McHenry is in-line to chair the House Financial Services Committee if Republicans regain control of the House in November and if he is re-elected.
He has served in Congress since 2005, representing North Carolina's 10th District. McHenry is facing a challenge this election from Democrat Pamela Genant, a U.S. Army veteran and registered nurse.
