The World Bank is rethinking its stance on nuclear energy funding, signaling a potential shift in its energy strategy as it seeks to power up the African continent.
At its 111th Development Committee meeting, the Bank was urged to “explore further options for increased affordable and reliable energy access, including potential support for nuclear energy.”
This move is seen as part of the broader “Mission 300” initiative, which aims to provide electricity to 300 million Africans by 2030.“
Nuclear energy could be a game changer for Africa,” said a senior development official involved in the discussions. “It’s clean, reliable, and capable of generating the scale of power the continent urgently needs.”
With more than 600 million people in Africa lacking reliable electricity, the Bank is now under pressure to diversify its energy portfolio. Nuclear energy, long sidelined due to safety, cost, and complexity concerns, is gaining renewed attention amid rising climate and development pressures.
The Bank has traditionally avoided financing nuclear projects, but the landscape is shifting. “The energy crisis and climate urgency have changed the conversation,” a source close to the Development Committee noted. “We can no longer ignore nuclear as a potential part of the mix.”The committee emphasized collaboration with the African Development Bank and the private sector to explore “practical and safe nuclear energy options,” suggesting that partnerships will be key to advancing nuclear initiatives on the continent.This comes as the U.S. also pushes a nuclear revival.
In March 2025, U.S. Energy Secretary Chris Wright declared, “America’s nuclear energy renaissance starts now,” announcing a $900 million plan to support small modular reactors (SMRs).
These smaller, more flexible reactors could offer a scalable path forward for countries exploring nuclear options.
The International Energy Agency (IEA) in January highlighted the challenges of financing nuclear projects, noting their reliance on government support due to high upfront costs and long timelines.
However, SMRs and green bonds are emerging as more feasible alternatives for both new builds and plant extensions.
Despite limited capacity for direct funding, multilateral development banks like the World Bank can still play a vital role by backing regulatory frameworks and reducing investment risks.
As the World Bank repositions itself, it remains committed to its climate goals—dedicating 45% of its financing to climate action through 2026.“The choice is no longer between renewables or nuclear—it’s about finding the right balance to deliver energy access at scale,” said another Bank official. “Africa’s future depends on it.”
