World Bank Lifts its Ban on Nuclear Energy Financing

The World Bank has lifted its ban on financing nuclear energy projects in developing countries as part of a broader strategy to expand electricity access and support development goals, Reuters reported.

The decision reverses a 2013 policy that excluded nuclear power from its portfolio. The change comes amid growing demand for low-emission energy sources in developing economies.

The board reached consensus on nuclear energy, but no agreement was made on whether the bank should resume funding upstream natural gas projects. Some board members, including Germany, France and the UK, expressed reservations about expanding support for upstream natural gas.

The World Bank had announced in 2017 that it would stop financing upstream oil and gas projects starting in 2019, with exceptions for the poorest countries. The bank continues to support a mix of infrastructure and energy projects aimed at reducing poverty and promoting development.