The World Bank is lifting its decades-long ban on financing nuclear energy, in a policy shift aimed at accelerating development of the low-emissions technology to meet surging electricity demand in the developing world.
In an email to staff on Wednesday, Ajay Banga, the World Bank president, said it would “begin to re-enter the nuclear energy space” in partnership with the International Atomic Energy Agency, the UN nuclear watchdog which works to prevent proliferation of nuclear weapons.
“We will support efforts to extend the life of existing reactors in countries that already have them, and help support grid upgrades and related infrastructure,” the email said.
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