Washington, D.C. – World Bank President Ajay Banga on Tuesday reaffirmed his intention to lift the organization’s longstanding ban on financing nuclear energy projects, signaling a potential shift in global development policy amid intensifying climate and energy security challenges.
Speaking at a panel hosted by the Bretton Woods Committee — a nonprofit advocating international financial cooperation — Banga said the World Bank will consider nuclear financing “wherever it deems appropriate,” with the issue set to be discussed by the Bank’s board of directors in June.
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“I would like to find a way for us to be a constructive partner in this,” Banga said during the institution’s spring meetings alongside the International Monetary Fund (IMF). “Now, that doesn’t mean I can see the World Bank going out tomorrow morning to finance $50 billion in some country, because we know that, whatever the calculation, it will take twice as long and twice as much.”
He added that nuclear, along with gas and renewables, will be on the agenda in June, when the board considers new tariff structures and strategies aimed at supporting the global energy transition. “We will talk about it as a way to help the transition, but also as a way to enable access to affordable energy around the world,” Banga said.
The World Bank has long avoided funding nuclear power due to concerns over safety, costs, waste management, and political sensitivities. Banga’s remarks suggest a more pragmatic approach that reflects growing international interest in small modular reactors and nuclear’s role in decarbonization, particularly in energy-hungry developing economies.
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