President Obama has unveiled a plan to help build the nation’s first nuclear reactors in nearly three decades. On Tuesday, Obama said the government will put up $8.3 billion to help the Atlanta-based Southern Company build two more nuclear reactors in Burke County, Georgia. The loan guarantees will cover up to 80 percent of the company’s costs.

President Obama: “To meet our growing energy needs and prevent the worst consequences of climate change, we’ll need to increase our supply of nuclear power. It’s that simple. This one plant, for example, 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.”

The Energy Policy Act of 2005 authorized up to $18.5 billion in loan guarantees for new nuclear plants and other energy projects. President Obama wants to triple the loan guarantees to $54 billion.