The World Bank is re-entering the nuclear energy space “for the first time in decades,” its President Ajay Banga said Wednesday, as it works towards meeting growing electricity demand in developing countries.
World Bank President Ajay Banga has announced that the institution will deepen its collaboration with the International Atomic Energy Agency (IAEA) to enhance its capacity in advising on nuclear non-proliferation safeguards and regulatory frameworks.
In an internal email to staff, Banga explained that the move comes in response to soaring electricity demand in developing nations, which is expected to more than double by 2035. To meet this growing need, annual investments in energy generation, grid infrastructure, and storage must rise from $280 billion to approximately $630 billion, he noted in the memo obtained by AFP.
“We will support efforts to extend the operational life of existing nuclear reactors in countries that already have them, and assist with necessary grid upgrades and supporting infrastructure,” Banga wrote.
He also highlighted the bank’s commitment to advancing the development and deployment of Small Modular Reactors (SMRs), aiming to make them a practical energy option for a broader range of countries in the future.
