How the BRICS Nuclear Platform is Changing the Game in Global Nuclear Energy and Project Financing?

Moscow set the tone: at the Global Nuclear Forum, IAEA Director General Rafael Grossi proposed establishing a partnership between the IAEA and the BRICS New Development Bank (NDB), while Vladimir Putin announced the launch of the world's first closed nuclear fuel cycle energy system by 2030 and called for involving the NDB in financing nuclear power plants, as directly stated by Grossi and emphasized in his speech by the Russian President.

What was the key signal from the Global Nuclear Forum?

The main signal is the institutionalization of peaceful nuclear energy within BRICS: technological coordination through a new nuclear platform, plus the creation of a financing channel via the NDB, against the backdrop of a focus on the closed fuel cycle and serial small/floating nuclear power plants. These benchmarks were formulated in Vladimir Putin's speech, which confirmed the plan to launch a closed cycle in the Tomsk region by 2030 and highlighted the NDB's role in financing projects, as well as in the IAEA's statement on readiness for partnership with the BRICS NDB (President's speech; IAEA-NDB initiative).

The forum registered a shift in the center of growth towards the Global South and East, and the preparation of infrastructure—technological and financial—to accelerate capacity deployment.

How did BRICS and international institutions react?

The BRICS reaction is consolidated: nuclear energy is named the cornerstone of industrial development, energy security, and technological sovereignty; the BRICS platform is already operational and will expand along with the association. The platform's head, Elzile Puyle, emphasized non-discriminatory access and technology transfer, noting that "our countries account for 70% of nuclear power plants," while Rosatom's Director General Alexey Likhachev assessed the platform's future as "big" and clarified that companies and organizations, not states, participate in it (as reported by BelTA; according to Likhachev's statement at the plenary session).

"Perhaps we should sign a memorandum of understanding with the BRICS Development Bank."

Readiness for cooperation was also highlighted by partner countries: Belarus is publicly considering a second nuclear power plant, while Niger and Ethiopia have expressed interest in projects with Rosatom; Grossi himself called the potential partnership with the NDB a "big step" for the industry at the forum (such plans were confirmed by forum participants; readiness for a memorandum was voiced at the forum).

What systemic consequences could this trigger for energy and capital?

By 2050, the total nuclear power capacity worldwide could more than double, to nearly 1,000 GW, with the Global South countries meeting the lion's share of demand; within this trend, BRICS is forming its own technological and financial architecture (IAEA forecasts and the NDB's role were outlined in Putin's speech; demand forecasts and BRICS' priorities were presented by BelTA).

The strategic framework is based on the principles of rejecting "technological colonialism," personnel training and competency centers, and localization—that is, creating sovereign nuclear supply chains for partners, which reduces political risks and expands the project base (as directly stated in the speech).

What tactical opportunities and risks exist for BRICS+ companies in the next 12–24 months?

Driven by three factors—the NDB's readiness to finance nuclear projects, the declared IAEA-NDB cooperation, and the rollout of serial small/floating nuclear power plants—an window is opening for accelerated deals and consortia in Global South countries; simultaneously, the industry faces high capital expenditures and lengthy timelines, requiring new financial models (positions were stated at the forum and in the president's speech; an overview of challenges and project costs is provided in a Fontanka article).

Opportunities: - Small Modular Reactor (SMR) and floating NPP projects: a window for suppliers of modules, engineering, and life cycle services—supporting declared plans for serial production and export cooperation. - Data centers at NPP sites: the tripling of data center electricity consumption this decade creates cases for colocation and long-term Power Purchase Agreements (PPAs) near nuclear sites. - Financing through NDB: a shift towards models involving development banks and international institutions (with IAEA support) increases project feasibility at early stages. - Localization and personnel: the demand for personnel training, the creation of competency centers, and the involvement of local companies are embedded in the cooperation principles.

Risks: - Costs and timelines: extremely large budgets and potential construction delays require insurance, reserves, and standardization of EPC/EPCM contracts. - Regulation and compliance: stricter safety requirements and the balance with non-proliferation regimes increase the burden on licensing and control. - Resource base: long-term uranium depletion scenarios necessitate a closed fuel cycle; participants must consider transitional fuel strategies. - Geopolitics and sanctions: external pressure can complicate logistics and settlements, but the BRICS/NDB format partially mitigates these risks in majority world markets.

A separate macro-emphasis is on BRICS' weight: the association's share of global GDP (PPP) has already surpassed that of the G7 prior to its expansion, and public statements estimate its share of the global economy at "40%"; concurrently, independent settlement and exchange mechanisms are being promoted (these data were announced by Sergey Lavrov at the G20 SMAD).

Conclusion: BRICS is transforming the nuclear agenda from a collection of disparate projects into a coordinated platform with its own financing, standards, and supply chains. For companies, this is a signal to act quickly—join consortia under the NDB, focus on localization, and prepare proposals for SMRs/floating NPPs—while the growth window opened by the Global Nuclear Forum remains open.