The world’s most important development bank is embracing nuclear energy.
What’s happening:
- World Bank has officially lifted their ban on funding nuclear energy projects, including financing upgrades for old nuclear reactors as well as the development of new small modular reactors
Why it matters:
- World Bank is the single largest development bank globally and has had an existing ban on funding nuclear power projects for more than six decades
Going deeper:
- World Bank is one of the largest sources of loans and project financing for clean energy companies globally, pouring billions of dollars into solar and wind infrastructure as well as into the production lithium, copper, nickel and other critical minerals
- The United States of America has also been making political waves in nuclear energy recently following President Donald Trump signing multiple new executive orders focused on accelerating the deployment of new nuclear power infrastructure and reducing regulatory obstacles
The fine print:
- World Bank has not yet announced any formal funding commitments or initial nuclear power projects that will receive loans or financing
