In pursuit of more abundant and less emissions-intensive energy, a group of philanthropic foundations have teamed up in Singapore to establish a new coalition to raise capital for the advancement of nuclear energy.
Singapore’s Temasek Trust and United States-based Rockefeller Foundation announced the launch of the Global Coalition for Nuclear Philanthropy (GCNP) at the Philanthropy Asia Summit on Tuesday, held in conjunction with Temasek’s Ecosperity Week.
Other coalition members include Blue Horizons Foundation, CleanEcon, Founders Pledge, Ray Rothrock and the Rodel Foundation — charitable foundations and philanthropies mostly based in the United States.
The non-profit Oppenheimer Project, which co-developed the coalition from concept to launch, will serve as strategic partner.
In a statement, Temasek and the Rockefeller Foundation said that philanthropy has, for decades, underinvested in nuclear technology and power. Only up to 0.2 per cent of climate philanthropy supports nuclear energy, according to analysis by the London-headquartered Founders Pledge, drawing on data from ClimateWorks Foundation.
But nuclear power is increasingly being seen as “a vital clean energy source that can help address the climate crisis,” said Desmond Kuek, executive director and chief executive officer of Temasek Trust.
“Through GCNP, 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,” he said in a statement at the launch.
Beginning 2027, Singapore will be assessed by the International Atomic Energy Agency for nuclear infrastructure readiness, said the city-state’s prime minister Lawrence Wong on Tuesday.
Speaking at the Energy Market Authority’s gala dinner, Wong emphasised that safety would be prioritised and noted that the preparatory process for nuclear adoption could take more than 15 years.
The city-state is currently studying the feasibility of small modular reactors in partnership with South Korea.
In the meantime, GCNP aims to grow philanthropic capital for nuclear to support the “safe and credible integration of nuclear into [countries’] energy mix over the next five to 10 years,” it said. It aims to achieve this across four pathways: building the case for nuclear energy, growing the field by expanding talent and institutions, making it bankable, and strengthening governance.
Temasek Trust’s philanthropy advisory arm, TT Foundation Advisors, will support the coalition’s secretariat in its initial years, including tailored donor-advised funds and grant management services.
“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 at the launch.
Although technology is advancing fast and costs declining, more work is needed on policy, regulation, finance and human capital, he added.
