Warren Buffet-initiated global nuclear fuel bank exceeds target by at $157 million

09 March 2009

A proposed multinational low-enriched uranium fuel bank, first proposed by Nuclear Threat Initiative (NTI), where Warren Buffet is its advisor, attained its first goal of exceeding the $100-million mark to create a low-enriched uranium stockpile under the control of the IAEA and ensure reliable supply of the fuel needed for nuclear power generation to any country in compliance with their safeguards obligations.

The proposed fuel bank is a bold agenda and was first started in 2006 when the Nuclear Threat Initiative donated $50 million given by US billionaire Warren Buffet to the proposed fuel bank on condition that the contribution is matched by other pledges totaling $100 million.

Yesterday the fuel bank secured approximately $157 million and fulfills the monetary condition put by NTI, when Kuwait committed $10 million to the international fuel bank.

When NTI first initiated this proposal, it had put two conditions to the IAEA while making the $50 million contribution, one of which, was the IAEA receiving an additional $100 million in funding, or an equivalent value of low-enriched uranium, to jump-start the reserve; and secondly, the IAEA taking the necessary actions to approve establishment of the reserve.

Kuwait has now teamed up with other contributors to the IAEA fuel bank like the US government who gave $50 million, the European Union $32 million, the government of the United Arab Emirates $10 million, and the government of Norway $5 million.

''We now have 31 states financially supporting the creation of an NTI / IAEA fuel bank, which is significant,'' said Senator Nunn co-chairman of NTI. ''We are grateful for the continued leadership of IAEA director general ElBaradei on this important issue and welcome his determination to work with member states to define the details of the fuel bank's operation and bring it forward to the Board of Governors for review and approval by September 2009.''