In a letter to staff on Wednesday, World Bank President Ajay Banga announced that the institution will resume support for nuclear power generation projects "for the first time in decades."
"The support will include efforts to scale up existing nuclear reactors in countries that have them, and improve networks and infrastructure," the World Bank president explained in his email. "We will also work to accelerate the potential of small modular nuclear reactors, which will provide a viable option for more countries in the long term.
"To this end, the Bank will partner with the International Atomic Energy Agency to strengthen our capacity to advise on non-proliferation and safety safeguards and the regulatory framework," Banga said. The World Bank president did not specify how much money could be allocated to these projects.
At the end of April, IAEA Director General Rafael Grossi welcomed a "constructive dialogue with the World Bank on this topic" in a post on the IAEA's X platform, but stressed that "funding is essential and that his organization is ready to support the World Bank, should there be a change in its approach on this topic."
The Washington-based financial institution has set a goal of connecting more than 300 million people to electricity grids in the next decade, which it sees as a necessity in its fight against poverty, its core mission.
But, as Ajay Banga pointed out, "electricity demand will more than double in developing countries by 2035," requiring increased funding for power grids from $280 billion per year currently, to $630 billion per year within a decade.
After a dip following the 2011 Fukushima disaster in Japan, there has been a renewed interest in nuclear power globally, especially due to the massive energy needs of digital technology, with the development of artificial intelligence.
In the United States, several digital tech giants are considering small modular nuclear reactors to power their data centers, which are growing exponentially with the use of artificial intelligence.
More broadly, in recent months, countries such as France, the United Kingdom and Indonesia have announced the construction of new nuclear reactors, which they see as a low-carbon solution to their growing electricity needs.
comments