World Bank to back nuclear projects again amid rising electricity needs

The World Bank has decided to end its 2013 moratorium on financing nuclear energy projects amid growing global electricity demand. The move means the lender would support projects to extend the operating life of existing nuclear power plants and speed up the rollout of small modular reactors (SMRs).

The World Bank board’s decision comes at a time when nuclear energy is experiencing a global revival, as electricity demand in developing countries is projected to more than double by 2035.

Ajay Banga, the president of the World Bank Group, said the institution would work closely with the International Atomic Energy Agency (IAEA) on the issues of safety, security, and regulation.

Banga: Delivering electricity as a driver of development

“We’ve made real progress toward a clear path forward on delivering electricity as a driver of development,” Banga said.

Recently, Germany agreed with France to end its opposition to new nuclear power technologies in the European Union. Economy and energy minister Katherina Reiche said Germany would respect other EU member states’ choice of energy mix, but would not return to nuclear power itself. The country shut down its last remaining nuclear reactors in 2023.

Nuclear energy is making a comeback in Southeast Europe as well

The global nuclear energy revival includes the region tracked by Balkan Green Energy News as well. Slovenia is developing its second reactor, Krško 2, while Romania and Bulgaria are planning new units, as well as SMR projects. Croatia is also taking steps to introduce nuclear energy, including SMRs.

Hungary is already building new reactors at the Paks nuclear power plant, as is Turkey, while Serbia is considering the use of nuclear energy.

Banga said the World Bank’s revised strategy would allow countries to determine the best energy mix, with some choosing solar, wind, geothermal, or hydroelectric power, while others might opt for natural gas or nuclear.

However, no agreement has been reached yet on ending a ban on upstream natural gas projects, with further discussions needed on the issue, according to him.