World Bank Ends Ban on Nuclear Energy Projects

World Bank President Ajay Banga said on Wednesday that the bank’s board of directors has agreed to end a long-standing ban on financing nuclear energy projects in developing countries as part of a broader effort to meet growing electricity needs.

According to Reuters, Banga outlined the bank’s revised energy strategy in an email to staff after what he described as a constructive discussion with the board on Tuesday. He said the board had not yet agreed on whether the bank should participate in natural gas extraction projects.

“This will require further discussion,” he wrote.

The bank announced in 2017 that it would stop financing oil and gas extraction projects starting in 2019 and would continue to study gas projects in poor countries. The bank decided in 2013 to stop financing nuclear energy projects.

Banga called for a shift in the bank’s energy policies upon assuming office in June 2023, saying the international financial institution should engage in all types of projects to help countries meet their growing electricity needs and advance development goals.