World Bank Lifts Nuclear Ban Amid Policy Shift

The World Bank has ended its decades-long ban on funding nuclear energy projects, aiming to help developing countries meet rising electricity demand with low-carbon, reliable power sources. President Ajay Banga stated the bank will support nuclear initiatives such as extending the life of existing reactors and exploring Small Modular Reactors, while collaborating with the International Atomic Energy Agency on non-proliferation and regulatory safeguards. While the new policy allows nuclear project funding, immediate financing for new reactors is not anticipated. The shift is also intended to help counter state-backed nuclear investments from Russia and China and aligns with U.S. efforts to promote advanced nuclear technology. The bank continues to debate its position on upstream natural gas projects as part of a broader 'all of the above' energy strategy. This major policy reversal reflects a global resurgence in nuclear energy support and the need for scalable, non-fossil fuel baseload power.