The World Bank Group has lifted its ban on financing nuclear power.
It announced an agreement with the International Atomic Energy Agency (IAEA) to work together to support nuclear energy in developing countries. The partnership agreement “marks the World Bank Group’s first concrete step to reengage with nuclear power in decades”, said IAEA.
The nuclear agency also said the agreement reflected a new approach to electrification from the World Bank Group, which it said “prioritizes accessibility, affordability and reliability”.
“Jobs need electricity. So do factories, hospitals, schools, and water systems. And as demand surges – with AI and development alike – we must help countries deliver reliable, affordable power. That’s why we’re embracing nuclear energy as part of the solution – and re-embracing it as part of the mix the World Bank Group can offer developing countries to achieve their ambitions. Importantly, nuclear delivers baseload power, which is essential to building modern economies,” said World Bank Group President Ajay Banga.
Under the memorandum of understanding signed today, the IAEA will work with the World Bank Group to:
• Build knowledge related to the nuclear field.
• Extend the lifespan of existing nuclear power plants.
• Accelerate the development of small modular reactors (SMRs.