The World Bank has announced a shift in policy to resume funding nuclear energy projects. This marks a significant change, as the institution had previously avoided financing nuclear power for decades. The decision is part of a broader strategy to support global electrification and development, with a focus on ensuring energy security and promoting sustainable prosperity. The World Bank’s renewed engagement with nuclear power is also formalized through a partnership with the International Atomic Energy Agency (IAEA). This collaboration aims to build knowledge, strengthen safeguards, and expand capacity related to nuclear energy. The World Bank’s renewed stance on nuclear energy is seen as a positive development by many in the industry, including the OECD Nuclear Energy Agency. The announcement comes as the global push for nuclear energy gains momentum. There is a growing recognition of nuclear power’s potential to provide reliable, baseload electricity and contribute to climate goals. The World Bank’s decision is expected to unlock further investment in nuclear projects, including those involving small modular reactors.
