Asset Allocation
Rockefeller Foundation, Temasek Aim to Increase Philanthropic Support for Nuclear Energy
The foundations formed the Global Coalition for Nuclear Philanthropy to mobilize capital for nuclear energy deployment.
Reported by Matt Toledo
Philanthropic efforts toward nuclear power make up a small fraction of all climate philanthropy: Approximately 0.1% to 0.2% of all climate-related philanthropic efforts support the deployment of nuclear power, according to data from the ClimateWorks Foundation.
To help close this funding gap, the Rockefeller Foundation and Temasek Trust—the philanthropic arm of Singapore’s sovereign wealth fund Temasek—announced Tuesday the formation of the Global Coalition for Nuclear Philanthropy, a coalition of foundations with the goal of supporting the development of nuclear energy.
“Universal energy abundance—the kind that powers industries, anchors economies, and raises living standards for billions—requires firm, clean power alongside renewables,” said Ashvin Dayal, the Rockefeller Foundation’s senior vice president for power, in a statement. “The next generation of nuclear technologies, including small modular reactors, is advancing fast and costs are coming down, opening a real prospect that many developing and emerging economies could add safe, abundant, clean baseload power to their energy mix.”
The foundation was established in 1913 by John D. Rockefeller, co-founder of Standard Oil. The foundation’s goal was “to use science and technology to solve humanity’s toughest problems … like climate change,” according to information from the foundation.
The Oppenheimer Project, a nonprofit organization to support the development of clean nuclear energy, will serve as a strategic partner to the coalition, which also includes counts the Blue Horizons Foundation, CleanEcon, Founders Pledge, venture capitalist Ray Rothrock and the Rodel Foundation as members.
“Getting there will take serious work on policy, regulation, finance, and human capital. That is precisely why we are forming the Global Coalition for Nuclear Philanthropy now,” Dayal said in the statement.
The GCNP stated it will align philanthropic capital for nuclear energy deployment through four pathways:
- Building the case: Develop data-informed narratives that connect nuclear energy development to concrete outcomes such as energy security, climate resilience, industrial competitiveness and equitable development, while building durable public support;
- Growing the field: Expanding the global pool of talent, institutions and networks needed to deploy and govern nuclear power safely and effectively;
- Making nuclear energy bankable: De-risk financing structures and attract public and private capital to bring nuclear projects to scale; and
- Strengthen governance: Strengthen safety, security and governance frameworks to ensure the expansion of nuclear energy is verifiable and robust.
“Nuclear power is a vital clean energy source that can help address the climate crisis,” said Desmond Kuek, Temasek Trust’s executive director and CEO, in a statement. “Through the Global Coalition for Nuclear Philanthropy, we aim to convene like-minded partners to support informed dialogue and responsible approaches to nuclear energy in upholding the highest standards of safety, security, and responsible waste management.”
Over the past few decades, the construction of nuclear reactors has stagnated, but nuclear power has reemerged as a viable form of energy and as a way to meet the intense energy requirements necessary to support artificial intelligence.
More than 75 nuclear reactors are under construction around the globe, the bulk of them in China, according to data from the World Nuclear Association. Another 120 reactors are in the planning stages, and more than 300 are proposed globally.
New plants have been balanced by older plants being retired. Over the past 20 years, 111 reactors were retired, while 101 began operations, according to the World Nuclear Association. Nuclear energy generated 2667 terawatt-hours of power in 2024, approximately 9% of global energy production.
Many nuclear energy projects face long approval and construction timelines; include large upfront capital costs; and require lengthy payback periods, factors that the World Nuclear Association notes, when “combined with the risks associated with construction, mean that the cost of financing is a key determinant of the cost of electricity generated.” The long timelines for the deployment of nuclear power have led to an increased interest and investment in small modular reactors.
A 2025 report from Morgan Stanley estimated that global nuclear capacity could more than double to 860 gigawatts by 2050, from 398 when the report was made. In the U.S., investments in nuclear energy could reach $2.2 trillion over the next 25 years.