Stockholm (NordSIP) – Following the Swedish government’s endorsement of nuclear energy, dating back to the original Taby agreements of 2022, it seems that the world has moved in tandem, with the European Commission, the World Bank, and the EU Court of Justice paving the way for renewed nuclear energy investments. The International Energy Agency has indicated that there is global momentum for nuclear energy and that interest is at its greatest since the 1970s oil crisis of the 1970s. At a side event at the UN COP28 Climate Change Conference, more than 20 countries endorsed a declaration to triple global nuclear energy capacity by 2050. Today, more than 30 countries back the declaration.
Shortly after the Swedish government announced its budget, and noting the increasing interest in new nuclear energy among Sweden’s Nordic and Baltic neighbours, the Swedish government invited ministers and industry representatives to a Nordic-Baltic Nuclear Investment Summit, which took place on October 7, 2025 in Stockholm.
“The high-level nuclear energy meeting organized together with Sweden brings together all the key actors whose efforts are crucial in advancing nuclear energy investments. In total, more than 80 participants will take part, representing the entire value chain of the nuclear energy sector. Finland aims to reach investment decisions on new nuclear power projects during the current government term. At the meeting, we will present Finland’s expertise and long-term efforts to promote nuclear power investments, including the reform of nuclear energy legislation and the nuclear energy financing study,” Finland’s Minister of the Environment and Climate Sari Multala said ahead of the meeting.
At the summit, ministers from Poland, Sweden, Finland, Estonia and Latvia (Pictured), adopted a declaration recognising “the urgent need for decisive action to address strengthening our energy security and competitiveness while urgently addressing climate change.”
Noting the pipeline of nuclear energy projects in the Nordics and Baltic regions, the joint declaration recognised that “no single country in our region possesses the full domestic capacity to construct a nuclear power plant independently. Each project will therefore require close cooperation – drawing on the expertise, resources, and capabilities of nearby countries as well as the global supply chain. Together we can also jointly develop new nuclear innovations, such as nuclear heat generation including for district heating systems and share best practices in many areas, including new technologies, supply chain development, nuclear waste management and deep geological repositories.”
“Beyond its role in climate mitigation and energy security, we recognize the opportunities these large infrastructure projects can provide to strengthen our industrial base, human capital and innovation leading to an enhancement of competitiveness and prosperity in the region,” the joint declaration concluded.
