Policy support, taxonomy clarity drive nuclear bonds to $44bn

According to Mettis Global, which cites Sustainable Fitch, bonds tied to nuclear power have reached elevated volumes over the last two years. Heightened anxiety about energy scarcity and supply security, combined with firmer policy backing and a more flexible and clearer taxonomy, has fed that expansion. The agency counts 90 bonds from nuclear operators, and others using nuclear-linked proceeds, dating back to 2013, worth roughly $44bn in total.

Around half of the volume arrived from 2024 onward, and most of it carries the green label, with several other labels also appearing. Earlier issues mostly financed reactor overhauls and longer operating lives, while proceeds now also go to new facility construction, next-generation designs such as small modular reactors, fuel purchases and emergency readiness schemes.

The agency's framework assesses electricity generation and the building and design of nuclear installations separately, weighing the sector's climate mitigation benefits against waste management and environmental risk. Extra credit is available when environmental risks are reduced further, or when social gains are present, for example in some small modular reactor uses.