US EditionWorld Bank to end ban on nuclear energy projects, still debating upstream gas
- On Wednesday, Ajay Banga, President of the World Bank, revealed that the institution has ended its long-standing prohibition on funding nuclear energy initiatives, signifying a significant shift in policy from Washington.
- The ban followed the 2011 Fukushima accident and opposition from major funders like Germany, but recent global shifts favored nuclear energy including a 2023 Declaration to Triple Nuclear Energy.
- The change aims to support developing countries' growing energy demands by enabling funding for new nuclear facilities and extending current reactor lifespans with IAEA cooperation on safeguards.
- Banga indicated that the bank will back initiatives aimed at prolonging the operational lifespan of current nuclear reactors, while prioritizing upgrades to the energy grid and reliable technologies over strictly meeting climate finance goals.
- This decision could accelerate nuclear investments in emerging markets, while the board still debates whether and how to engage in upstream gas projects amid rising electricity demand.
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The World Bank wants to re-engage in the financing of nuclear power.
·Germany
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(AFP) The World Bank (WB) will support nuclear power production projects "for the first time in decades", announced Wednesday the president of the institution, Ajay Banga, amid efforts to meet the growing demand for electricity in developing countries.Read more]]>
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Total News Sources55
Leaning Left3Leaning Right10Center8Last UpdatedBias Distribution48% Right
Bias Distribution
- 48% of the sources lean Right
48% Right
14%
C 38%
R 48%
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