The world is on the brink of a second nuclear renaissance. Prodded by rising oil prices and concerns about global warming, nations are reconsidering the nuclear energy option and finding it attractive. A significant increase in the number of nuclear reactors worldwide, however, also increases the risk of nuclear proliferation. There have been various suggestions on ways to diminish that risk. One option is a multilateral fuel bank that would supply uranium to countries with nuclear reactors. Long dismissed as unrealistic, this proposal looks increasingly plausible and deserves serious consideration.

The Nuclear Nonproliferation Treaty (NPT) acknowledges that all nations have the right to the peaceful use of nuclear energy. If they renounce the military option, they are entitled to all components of the nuclear-fuel cycle. In theory, the distinction between military and peaceful uses of nuclear energy is clear; in reality, it is a fiction.

The acquisition of reprocessing facilities is the key concern. The uranium used to fuel most reactors is not suitable for military purposes. But reprocessing facilities that "clean" fuel burned in reactors creates nuclear byproducts more suitable to military uses. The danger is that countries will pledge to develop nuclear energy for peaceful purposes, acquire technologies that enable them to build weapons and then quit the treaty. This occurred with North Korea and some say it is under way in Iran.