On 22 October, the International Framework for Nuclear Cooperation (IFNEC) held its annual session of Finance, Regulatory, and Energy Planning Workshop in Abu Dhabi to follow up on May 2012 Finance Workshop held in London, United Kingdom. The event was hosted by Abu Dhabi’s Regulation and Supervision Bureau.
This year’s workshop brought together a wide range of stakeholders from the IFNEC countries, including government representatives and members of the nuclear energy and financial communities, to address issues related to financing of nuclear power projects in newcomer countries and roles of regulators. In particular, the 2013 IFNEC Workshop follows-up the London Workshop, which identified key factors relating to the effectiveness and independence of the regulatory bodies, the greater support and commitment by the governments as well as more comprehensive business strategies for the nuclear power projects.
Main focus of the Workshop was the discussion of critical relationships between the competence, effectiveness, transparency and independence of the nuclear safety regulatory authority in an embarking country, and the country’s ability to finance a nuclear power project. It is also expected that the outcomes of Abu Dhabi Workshop will facilitate to consider/establish new approaches to the nuclear projects financing, based on the best practices of experienced countries.
“Financing or business opportunities in general for any nuclear programme is directly linked to the credibility of the programme. Credibility of the programme can be achieved through a comprehensive government policy framework and commitments, adequate domestic regulatory framework, clear project plan, and full implementation of international obligations,“ said H.E. Ambassador Hamad Alkaabi, UAE Permanent Representative to the IAEA, in his opening remarks addressing the workshop participants.
“This would require the financial institutions including multilateral ones to look closer at these new approaches and reflect the positive changes in the way they evaluate nuclear projects financing,“ he noted.
Stressing on new approaches for embarking on nuclear energy programme, Ambassador Alkaabi emphasized that “UAE nuclear programme has been successful in creating a nuclear-business friendly environment demonstrated by significant interest of local and international firms, including financial institutions to participate in the development of the programme.“
The 2013 Finance Workshop outcomes will further reviewed by the IFNEC Steering Group to be held on 23 October. Recommendations made by the Steering Group will be considered by Participating countries at the Executive Committee meeting followed next day.
About the IFNEC
The International Framework for Nuclear Energy Cooperation (IFNEC), formerly the Global Nuclear Energy Partnership (GNEP), is a partnership of countries aiming to ensure that new nuclear initiatives meet the highest standards of safety, security and non-proliferation.
IFNEC consists of 32 Participant countries, and 30 observing countries as well as three International Observer Organizations such as the International Atomic Energy Agency (IAEA), European Atomic Energy Community (Euroatom), and Generation IV International Forum.
For more information, please visit IFNEC website: http://www.ifnec.org
See the Final Summary Report on 2012 Finance Workshop at: http://www.ifnec.org/Portals/0/Docs/IFNEC/Appendicies/IFNEC_Finance_Workshop_Final_Summary_Report_-_October_4_2012.pdf
