Nuclear breakthrough in Brussels, and German dictates failed: What changes now?

Even the European Investment Bank now votes in favor of corn. It is now an accepted fact: a green Europe is a nuclear-powered Europe. European institutions gradually began to abandon their opposition to the atom. While we wait for the Commission to approve an industrial alliance to create modular reactors, it is now the European Investment Bank that is changing this paradigm. New president Nadia Calviño intends to dip into her portfolio to allocate her institute's resources to SMRs (small modular reactors). It is an unprecedented step: consider that the European Investment Bank, which was founded in 1958 and has a AAA rating, has not traditionally invested in nuclear power plants since 1987.

But not only. Because if not a cent has been spent at all in 37 years, it is mainly due to the wall erected by the “member” states of the European Union, and therefore the Bank. The usual two sides are clashing: on the one hand, Germany, which has decommissioned all its plants to focus on renewable energy sources, and on the other hand, France, with support from Italy. But now the balance is reversed. The appointment of Calviño, who took over from German Werner Hoyer in January, could accelerate the process linked to the outcome of the June elections, when it will be understood whether Ursula von der Leyen will remain at the head of the party's executive body. the Union. According to the former Spanish Economy Minister, the European Union is still lagging behind in the field of small modular reactors compared to China and Russia, where they are already operating. To make up for this gap, the European Investment Bank, mostly preoccupied with guaranteeing credit lines to member states, intends to increase financing for nuclear power.

The large national energy groups that participated in the Energy Independence Conference organized yesterday by Forza Italia in the Chamber also recognized this turning point. “To be independent, you must have the energy but also the attitude that prevents you from saying no to anything,” commented Eni CEO Claudio Descalzi. “Nuclear energy is something we cannot say no to, we have done it for a long time,” the director added, referring above all to the latest generation systems.

On the other hand, Calviño presented to the European Parliament this week the eight strategic priorities of his mandate, including defence. However, treaties currently allow the bank to allocate funds only for dual technologies, such as drones. However, there is no possibility of investing in weapons and military infrastructure, even though the European Investment Bank has increased defense funding to eight billion dollars until 2027. Calviño's cause is a noble one, and it is a shame that the rules should be reviewed first, which is a hot potato for the body. upcoming legislative. In Strasbourg. The birth – or failure – of the new energy strategy depends on overcoming these challenges, for a more independent and competitive Europe with other world economies.