The World Bank Group and the International Atomic Energy Agency (IAEA) have entered into a formal partnership to support the safe and responsible use of nuclear energy in developing nations.
The agreement, signed by World Bank President Ajay Banga and IAEA Director General Rafael Mariano Grossi, marks the first time in decades that the World Bank is directly re-engaging with nuclear power. It signals a broader shift in the Bank’s approach to energy placing emphasis on reliable, affordable, and sustainable electricity options.
As energy demands in developing regions are expected to more than double by 2035, both institutions say the partnership aims to help countries meet this rising demand by offering nuclear energy as part of their mix, while aligning with each country’s specific development and climate goals.
Banga highlighted the importance of stable power for industries, education, healthcare, and overall economic growth, noting that nuclear energy provides the kind of consistent electricity that modern economies depend on. He also stressed that this partnership would ensure nuclear development is guided by high standards of safety, security, and sustainability.
Grossi described the agreement as a milestone, crediting a year of joint effort that began with his invitation to the World Bank Board in 2023. He expressed optimism that the partnership would open new opportunities for financing and collaboration, especially in supporting nuclear energy as a realistic solution for countries seeking energy security and growth.
Key areas of focus under the partnership include:
Building the World Bank’s technical understanding of nuclear energy and its associated safety and regulatory requirements.
Helping countries extend the life of existing nuclear plants, which are approaching the end of their original design lifespans.
Supporting the development of small modular reactors (SMRs), which offer a more flexible, cost-effective solution for emerging economies.
Nuclear power currently provides about 9% of global electricity and nearly a quarter of all low-carbon power. Over 30 countries are exploring nuclear energy as part of their future infrastructure, often with guidance from the IAEA.
Grossi emphasized that while SMRs have strong potential to bring clean and reliable energy to underserved regions, access to financing remains a challenge—one that this new partnership aims to address.
The World Bank Group and IAEA say this collaboration is just the beginning of a broader effort to help more nations integrate nuclear energy into their development plans safely and sustainably.
