S.Amdt. 2768

SA 2768. Mr. SCOTT of South Carolina submitted an amendment intended
to be proposed by him to the bill S. 4638, to authorize appropriations
for fiscal year 2025 for military activities of the Department of
Defense, for military construction, and for defense activities of the
Department of Energy, to prescribe military personnel strengths for
such fiscal year, and for other purposes; which was ordered to lie on
the table; as follows:

At the end of title X, add the following:

Subtitle I--International Nuclear Energy Financing Act of 2024

SEC. 1096. SHORT TITLE.

This subtitle may be cited as the ``International Nuclear
Energy Financing Act of 2024''.

SEC. 1097. FINDINGS.

Congress finds as follows:
(1) Nuclear power provides clean energy with greater
reliability than wind or solar energy, and with comparable
life cycle greenhouse gas emissions.
(2) According to W. Gyude Moore, the former Minister of
Public Works for Liberia, ``Obstacles to the financing of
nuclear power in emerging economies work to prevent countries
like my own from industrializing our economies and building
climate-resilient infrastructure. This is especially bad
timing as the next generation of nuclear technologies,
including small modular reactors and microreactors, are
especially suitable to emerging markets. Such restrictions
are an example of climate injustice, not a reaction against
it.''.
(3) The People's Republic of China and the Russian
Federation have sought to export nuclear reactors to Europe,
Eurasia, Latin America, and South Asia using technologies
which, according to a 2017 study by Columbia University's
Center on Global Energy Policy, are associated with higher
safety risk than American and Japanese reactor designs.
(4) In a 2019 letter to congressional leaders, 38 national
security experts emphasized the importance of nuclear energy
finance to counter Chinese and Russian ambitions, writing:
``In the nuclear energy sector, the initial supply of a
reactor typically leads to the supplier's involvement
throughout the hundred-year life of the nuclear program,
enabling long-term influence on nuclear safety, security and
nonproliferation, as well as the ability to advance energy
security and broader foreign policy interests.''.
(5) As Rafael Mariano Grossi, Director General of the
International Atomic Energy Agency, wrote in Climate Change
and Nuclear Power 2020, ``Nuclear power, currently being
generated in 30 countries, is already reducing carbon dioxide
emissions by about two gigatons per year. That is the
equivalent of taking more than 400 million cars off the
road--every year.''. He continued, ``Nuclear power now
provides about 10 percent of the world's electricity, but it
contributes almost 30 percent of all low carbon electricity.
Nuclear power will be essential for achieving the low carbon
future which world leaders have agreed to strive for.''.

SEC. 1098. INTERNATIONAL FINANCIAL INSTITUTION SUPPORT FOR
NUCLEAR ENERGY.

The Secretary of the Treasury shall instruct the United
States Executive Director at the International Bank for
Reconstruction and Development and, as the Secretary deems
appropriate, the United States Executive Director at any
other international financial institution (as defined in
section 1701(c)(2) of the International Financial
Institutions Act (22 U.S.C. 262r(c)(2)), to use the voice,
vote, and influence of the United States at the institution
to support financial assistance for the generation and
distribution of nuclear energy, consistent with the national
security interests of the United States.

SEC. 1099. WAIVER AUTHORITY.

The Secretary of the Treasury may waive the requirement of
section 1098 on a case-by-base basis upon notifying the
Committee on Foreign Relations of the Senate and the
Committee on Financial Services of the House of
Representatives that the waiver is in the national interest
of the United States, with a detailed explanation of the
reasons therefor.

SEC. 1099A. PROGRESS REPORT.

The Chairman of the National Advisory Council on
International Monetary and Financial Policies shall include
in the annual report required by section 1701 of the
International Financial Institutions Act (22 U.S.C. 262r) a
discussion of any progress made in promoting international
financial institution (as defined in section 1701(c)(2) of
such Act) assistance for nuclear energy.

[[Page S5035]]

SEC. 1099B. SUNSET.

This subtitle shall have no force or effect after the date
that is 10 years after the date of the enactment of this Act.
______