The World Bank has decided to end its 2013 moratorium on financing nuclear energy projects amid growing global electricity demand. The move means the lender would support projects to extend the operating life of existing nuclear power plants and speed up the rollout of small modular reactors (SMRs).
The World Bank board’s decision comes at a time when nuclear energy is experiencing a global revival, as electricity demand in developing countries is projected to more than double by 2035.
Ajay Banga, the president of the World Bank Group, said the institution would work closely with the International Atomic Energy Agency (IAEA) on the issues of safety, security, and regulation.
“We’ve made real progress toward a clear path forward on delivering electricity as a driver of development,” Banga said.
Recently, Germany agreed with France to end its opposition to new nuclear power technologies in the European Union.
Economy and energy minister Katherina Reiche said Germany would respect other EU member states’ choice of energy mix, but would not return to nuclear power itself. The country shut down its last remaining nuclear reactors in 2023.
