The World Bank and the International Atomic Energy Agency (IAEA) signed a memorandum of understanding in Paris to cooperate on the safe development and financing of nuclear power for developing countries. This initiative marks the World Bank's return to nuclear energy financing, aiming to extend the life of existing reactors and accelerate the development of small modular reactors to provide reliable, affordable, low-carbon power for job-generating sectors.
World Bank, IAEA to co-operate on nuclear power development, safety
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TL;DR: Key points with love ❤️The World Bank and the International Atomic Energy Agency (IAEA) signed a memorandum of understanding in Paris to cooperate on the safe development and financing of nuclear power for developing countries. This initiative marks the World Bank's return to nuclear energy financing, aiming to extend the life of existing reactors and accelerate the development of small modular reactors to provide reliable, affordable, low-carbon power for job-generating sectors.
Trending- 1 World Bank and IAEA agree to cooperate on nuclear power development and safety
- 2 World Bank President Ajay Banga and IAEA Director General Rafael Grossi sign the memorandum of understanding in Paris
- Opens the door for other multilateral development banks and private investors to consider nuclear power as a viable tool for energy security
- Potential for widespread adoption of small modular reactors in developing countries
- Provides essential reliable baseload power for job-generating sectors such as infrastructure, agribusiness, health care, tourism, and manufacturing
- Helps countries deliver reliable, affordable power as demand surges
What: The World Bank and the International Atomic Energy Agency (IAEA) launched a new agreement (memorandum of understanding) to co-operate on the safe development and financing of nuclear power, including extending the life of existing reactors and accelerating the development of small modular reactors.
When: Thursday (June 26, 2025, based on publication date).
Where: Paris (for the signing); globally, focusing on developing countries.
Why: To provide reliable, affordable, low-carbon power for developing countries, which is essential for job-generating sectors. The agreement is seen as a 'return to realism on nuclear power' and aims to clear financing paths for nuclear technology, especially as demand for electricity surges due to factors like AI.
How: By signing a memorandum of understanding, building knowledge in the nuclear field, expanding the World Bank Group’s understanding of nuclear safety, security, energy planning, and waste management, and working together to extend the lifespan of existing nuclear power plants and accelerate the development of small modular reactors.