World Bank ends nuclear funding ban for devoloping countries

The World Bank has lifted its 2013 ban on financing nuclear
energy projects in developing countries, President Ajay Banga
announced following a board meeting, Azernews
reports, citing the Kazinform News Agency.

“While the issues are complex, we’ve made real progress toward a
clear path forward on delivering electricity as a driver of
development,” Banga said.

The bank will now support efforts to extend the life of existing
nuclear reactors, upgrade power grids, and explore small modular
reactor technology. Banga highlighted that electricity demand in
developing countries is expected to more than double by 2035,
requiring over $280 billion in annual investments.

The United States, the World Bank’s largest shareholder, had
advocated for ending the nuclear funding ban. While board members
agreed on supporting nuclear energy, divisions remain over backing
upstream natural gas projects.

Banga confirmed the World Bank will collaborate closely with the
International Atomic Energy Agency (IAEA) to ensure nuclear safety,
regulation, and non-proliferation safeguards.

He emphasized that the bank’s revised energy strategy enables
countries to choose their optimal energy mix—whether solar, wind,
hydro, gas, or nuclear.

“Net zero does not mean fossil fuel free. It means, still, that
there will be 20% energy coming from fossil fuels,” said Barbados
Prime Minister Mia Mottley. “We know natural gas is that clean
fuel.”

The World Bank will continue supporting coal plant retirements
and industrial carbon capture but will not fund enhanced oil
recovery projects.

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