Nuclear breakthrough in Brussels, German diktat failed: what changes now

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Even the European Investment Bank (EIB) is now voting in favor of the atom. It is now an accepted fact: a green Europe is a nuclear-powered Europe. The European institutions are gradually abandoning their opposition to the atom. And while waiting for the Commission to give the OK to the industrial alliance for modular reactors, it is now the EIB that is changing the paradigm. The new president Nadia Calviño intends to use her wallet to allocate her institute’s resources to Smr reactors (Small modular reactors). An unprecedented move: just think that the EIB, founded in 1958 and with a triple A rating, has not traditionally invested in nuclear power plants since 1987.

But not only. Because if in 37 years not a cent has ever been spent it is mainly due to the wall raised by the “member” countries of the EU and, consequently, of the bank. The usual two sides are clashing: on one side, Germany, which has decommissioned all its plants to focus on renewables, and on the other, France, supported by Italy. But now the balance is being reversed. And the appointment of Calviño, who took over from the German Werner Hoyer in January, could accelerate a process linked to the result of the June elections, when it will be understood whether Ursula von der Leyen will remain at the helm of the executive body of the Union. According to the former Spanish Economy Minister, the EU is still behind on modular mini-reactors compared to China and Russia, where they are already operational. To compensate for this gap, the EIB, which is mostly busy guaranteeing credit lines to member states, will increase funding for nuclear energy.

The large national energy groups who participated in the conference on energy independence organized yesterday at the Chamber by Forza Italia also grasped this turning point. «To be independent you need to have the energy but also the attitude not to say no to anything», commented Eni CEO Claudio Descalzi. “Nuclear is something we can’t say no to, we’ve done it for too long,” added the manager, referring above all to the latest generation systems.

Meanwhile, Calviño presented to the European Parliament this week the eight strategic priorities of his mandate, including defence. However, the treaties currently allow the Bank to allocate money only for dual technologies, such as drones. However, there is no possibility of investing in weapons and military infrastructure, although the EIB has increased defense funding to eight billion until 2027. Calviño’s is a noble cause, it’s a shame that the rules must be reviewed first, hot potato of the next legislature in Strasbourg. The birth – or failure – of a new energy strategy depends on their overcoming, for a more autonomous and competitive Europe with other world economies.