Eric Brewer
Deputy Vice President, Nuclear Materials Security
International IAEA LEU Bank
"Mr. Buffett's excellent idea"
Challenge
As interest in nuclear energy grows, the world risks the spread of enrichment technology which can be used for nuclear weapons.
Action
Develop an internationally assured supply of low enriched uranium (LEU), creating an option for countries choosing not to develop uranium enrichment capabilities.
Results
The world’s first IAEA LEU fuel bank, built in Kazakhstan and backed by NTI and Warren Buffett.
According to the International Atomic Energy Agency (IAEA), approximately 30 countries are interested in building their first nuclear power plant. If they proceed, they will need to secure a supply of nuclear fuel, either by buying it from an existing supplier or making it themselves. This is cause for concern because the enrichment technology for making peaceful nuclear fuel can also be used for developing nuclear weapons. In 2006, alarmed by the potential spread of nuclear weapons technology, NTI made a bold proposal.
With Warren Buffett’s generous backing, NTI pledged $50 million to the IAEA as seed money for an international bank to supply nations with low-enriched uranium (LEU) to operate nuclear power reactors in case of supply disruption. The proposal gained instant support, and The New York Times heralded it in an editorial titled “Mr. Buffett’s Excellent Idea.” Described as a “breakthrough” and “trailblazing,” the pledge helped unblock years of stagnation on the concept. NTI’s pledge was conditioned on other nations providing $100 million in matching funds. The European Union, Kazakhstan, Kuwait, Norway, the United Arab Emirates, and the United States have all contributed.
IAEA member states voted in favor of the fuel bank in December 2010. The IAEA worked with the government of Kazakhstan, the world’s largest producer of uranium ore, to identify a safe and secure site to host the bank. The IAEA Board of Governors approved the host-state agreement in June 2015 and it was signed in Kazakhstan in August 2015. The LEU bank provides countries interested in peaceful nuclear energy with supply assurances and more options for their energy programs.
2017
IAEA Low Enriched Uranium Bank Launches in Kazakhstan, Significant Milestone for NTI-Backed Nuclear Security Initiative
LEU Bank is model of international cooperation to reduce nuclear proliferation risks and build a safer world
LEU Bank Press Materials
Read and download information and resources on the International Atomic Energy Agency (IAEA) Low-Enriched Uranium (LEU) Bank.
Statement from Nobel Laureate and former IAEA Director General Mohamed ElBaradei on the IAEA Low Enriched Uranium Bank
Read Nobel Laureate and former IAEA Director General Mohamed ElBaradei's statement on the inauguration of the IAEA LEU bank facility in Kazakhstan.
2015
September 15 Event in Vienna on International LEU Bank
On Aug. 27 2015, the IAEA and the Republic of Kazakhstan signed an agreement to establish a physical reserve of Low Enriched Uranium (LEU Bank) in Oskemen, Kazakhstan.
Sam Nunn Lauds Kazakhstan’s Commitment to Nonproliferation at LEU Bank Signing Ceremony in Astana, Delivers Message from Warren Buffett
IAEA and the Gov't of Kazakhstan today signed an agreement that will allow the country to host an international LEU bank that will provide countries with an LEU supply.
NTI Featured in Coverage of IAEA Fuel Bank Milestone
"We are in a race between cooperation and catastrophe," said NTI Co-Chairman Sam Nunn at the signing ceremony for the new IAEA low-enriched uranium (LEU) fuel bank.
IAEA Board Approves Agreement for Hosting the IAEA’s LEU Fuel Bank, First of its Kind and “Significant Milestone” in Global Nuclear Cooperation
The International Atomic Energy Agency’s (IAEA) Board of Governors today approved a host-state agreement (HSA) between the IAEA and the Government of Kazakhstan for the country to host an international low-enriched uranium (LEU) fuel bank that will provide countries with an assurance of LEU supply for peaceful purposes.
2014
Open the Bank, Urges Nunn
In a new op-ed for the International New York Times, Sam Nunn calls for swift action to resolve remaining issues and open an IAEA nuclear fuel bank.
2009
Statement from Sam Nunn on G8 Summit
NTI Co-Chairman Sam Nunn released a statement expressing support for the commitment made by the G8 to reducing global nuclear dangers.
NTI/IAEA Fuel Bank Hits $100 Million Milestone; Kuwaiti Contribution Fulfills Buffett Monetary Condition
The government of Kuwait's $10 million commitment to the international fuel bank exceeds the fuel bank's initial goal of $100 million.
2008
Sam Nunn Applauds EU Contribution to IAEA Fuel Bank
Sam Nunn praises the European Union's 25 million euro commitment to the International Atomic Energy Agency's nuclear fuel bank.
UAE Commits $10 Million to NTI/IAEA Fuel Bank
The international fuel bank proposed by NTI received a significant boost todaywith a $10 million commitment from the United Arab Emirates.
2007
NTI Co-Chairman Sam Nunn praises U.S. commitment of $50 million to help create a low enriched uranium stockpile managed by the International Atomic Energy Agency
Former Senator Sam Nunn praised the government for approving millions to help create a low enriched uranium stockpile managed by the International Atomic Energy Agency.
2006
NTI Commits $50 Million to create IAEA Nuclear Fuel Bank
Nuclear Threat Initiative Commits $50 Million to Create IAEA Nuclear Fuel Bank
Past Event
International Fuel Bank
IAEA Vienna, Austria