Nuclear Fuel Bank Initiative by IAEA Receives Crucial EU Support

The European Union (EU) recently pledged Euro 25 million ($32 million) towards a nuclear fuel bank proposal to be placed under International Atomic Energy Agency (IAEA)’s control. The EU pledge, along with those by Norway, the United Arab Emirates and the USA shows growing momentum for a new more equitable framework for nuclear energy, says IAEA Director General. The pledge is a boost for the initiative originally launched by the Nuclear Threat Initiative (NTI) in 2006.

Enriched uranium provides the fuel for many of the world´s nuclear power reactors, and the enrichment process is a vital process in a multi-step nuclear fuel cycle. The enrichment of uranium, while a necessary step in the creation of the fuel that power many of the world´s civilian nuclear reactors, can also be employed for use in nuclear weapons.

An IAEA fuel bank would guarantee supply of nuclear fuel and reactor services to bona fide States and protect them from politically motivated disruption of supply while at the same time minimizing the risk of nuclear proliferation through dissemination of the enrichment technologies. This initiative will provide necessary support for countries like India in case of withdrawal of nuclear cooperation by the partners in the recently signed nuclear deals, for some reason or the other.