The World Bank lifted the ban on funding for nuclear projects. This is a large step towards nuclear accessibility as many companies work to make nuclear projects modular to lower the cost of electricity. Many nuclear companies working to bring nuclear power generation to lower income nations will become more attractive to investors due to the support of the world bank. 

The World Bank, headquartered in Washington D.C., believes that accessibility to clean energy is a right that all countries deserve. They foresee the demand for energy to more than double, so they believed that the lift on the nuclear funding ban was necessary to achieve global energy access.

“Jobs need electricity. So do factories, hospitals, schools, and water systems. And as demand surges—with AI and development alike—we must help countries deliver reliable, affordable power. That’s why we’re embracing nuclear energy as part of the solution—and reembracing it as part of the mix the World Bank Group can offer developing countries to achieve their ambitions. Importantly, nuclear delivers baseload power, which is essential to building modern economies,” said World Bank Group President Ajay Banga. “Our partnership with the IAEA marks an important step, and I’m grateful to Rafael for his personal commitment and leadership in making this possible. Together, we’ll deepen our expertise, support countries that choose nuclear, and ensure that safety, security, and sustainability guide every step forward.”

“Today’s agreement is a milestone and the result of a year of joint work since President Ajay Banga kindly invited me to the World Bank Group Executive Board in Washington in June of last year,” IAEA Director General Rafael Mariano Grossi said. “This landmark partnership, yet another sign of the world’s return to realism on nuclear power, opens the door for other multilateral development banks and private investors to consider nuclear as a viable tool for energy security and sustainable prosperity. Together, we can help more people build a better future,” (World Bank).

While energy companies seek investors with deep pockets in wealthy nations to continually fund their projects, developing nations are left behind to meet their own power demands. This only worsens as these demands continue to rise to fulfill further technological advancements. The World Bank’s lift of the nuclear funding ban fills the discrepancy between necessary projects in developing nations and funding requirements. This opens the door for abundant energy projects to take place anywhere around the world while still meeting the funding requirements of the energy companies. Ideally, this means that a project in Africa would merit the same profitability as a project in the US.

This effort to provide nuclear funding will also include projects to maintain existing nuclear facilities and plants. This will allow for baseline energy to be maintained. If this level of power generation is maintained through subsidization, then it makes building upon much easier. 

The IAEA states that right now, there are 31 countries with operating nuclear reactors and 30 more who are considering, with about two-thirds of them deemed developing countries who require outside funding that the World Bank may now provide.