The US, Canada, France, Japan and the UK have agreed to mobilise government-led investments totalling $4.2bn to develop a global nuclear supply chain.

The decision was announced at the Net Zero Nuclear Summit at COP28 in Dubai, United Arab Emirates.

The investments will improve uranium enrichment and conversion capacity up to 2027, and establish a secure and resilient global uranium market.

Collectively called Sapporo 5, the five countries, all within the G7, have agreed to encourage public-private investment in uranium enrichment production capacity.

The agreement follows the recent pledge by 22 countries including Canada, Finland, Moldova, the Netherlands, Sweden and Ukraine to triple nuclear capacity by 2050.

The countries have agreed to encourage international financial institutions and regional development banks to include nuclear energy in their organisations’ energy lending policies, and to actively support nuclear power.

Nuclear energy has the potential to contribute to global net-zero greenhouse gas emissions and keep the target of a global temperature increase of 1.5°C within reach.

The five nations now backing the nuclear supply chain are collectively responsible for half the world's capacity for uranium conversion and production enrichment.

They have recognised the need to develop resilient supply chains including fuel, and to deliver safe and secure nuclear technologies.

They also agreed to establish a global supply market for uranium free from Russian influence.  

The countries will work to enable government or private-led investment to increase their conversion and enrichment of uranium and to advance efforts to secure reliable suppliers of nuclear fuel.

Their goal is to build a long-term supply strategy that can bring confidence to the industry.