Obama unveils plan to build new nuclear plant

"Our competitors are racing to create jobs and command growing energy industries. And nuclear energy is no exception. Japan and France have long invested heavily in this industry," Obama said in his speech in neighboring Maryland.

"...there are 56 nuclear reactors under construction around the world:  21 in China alone; six in South Korea; five in India. And the commitment of these countries is not just generating the jobs in those plants; it's generating demand for expertise and new technologies," Obama said.

He warned that if the US fails to invest in the "technologies of tomorrow", then it would have to import the technologies instead of exporting them. "We will fall behind. Jobs will be produced overseas. And that's not a future that I accept."

The US president noted it has been long assumed that those who champion the environment are opposed to nuclear power. "But the fact is, even though we've not broken ground on a new power plant in 30 years, nuclear energy remains our largest source of fuel that produces no carbon emissions."

"To meet our growing energy needs and prevent the worst consequences of climate change, we'll need to increase our supply of nuclear power. This one plant will cut carbon pollution by 16 million tons each year when compared to a similar coal plant. That's like taking 3.5 million cars off the road," he said."Through the Department of Energy and Secretary Chu's leadership, we are announcing roughly USD 8 billion in loan guarantees to break ground on the first new nuclear plant in our country in three decades," Obama said.

"On the other side, there are those who have long advocated for nuclear power -- including many Republicans -- who have to recognize that we're not going to achieve a big boost in nuclear capacity unless we also create a system of incentives to make clean energy profitable," he said.

"That's not just my personal conclusion; it's the conclusion of many in the energy industry itself, including CEOs of the nation's largest utility companies. Energy leaders and experts recognize that as long as producing carbon pollution carries no cost, traditional plants that use fossil fuels will be more cost-effective than plants that use nuclear fuel," the US president said.