The World Bank will remove its ban on investing in nuclear energy, according to a document seen by Devex, paving the way for a key low-carbon energy source and a potential game changer for countries to meet net-zero goals.
“For the first time in decades, the World Bank Group will begin to reenter the nuclear energy space,” the note said. “We will advance this work in close partnership with the IAEA — building capacity and strengthening our ability to advise on non-proliferation safeguards, safety, security, and regulatory frameworks.”
Energy advocates, World Bank shareholders, and some borrowing countries have been urging the bank to rethink its ban for years. In 2023, more than 20 countries signed a declaration to triple nuclear capacity by 2050. The last time the bank invested in nuclear energy was 1959, citing a lack of expertise in its safety. But nuclear power produces zero direct carbon dioxide emissions during operation — though there are emissions from mining — and it’s one of the few large-energy sources that can run regardless of the weather. The climate community is likely to celebrate the news.
About the author
Jesse Chase-Lubitz
Jesse Chase-Lubitz covers climate change and multilateral development banks for Devex. She previously worked at Nature Magazine, where she received a Pulitzer grant for an investigation into land reclamation. She has written for outlets such as Al Jazeera, Bloomberg, the Organized Crime and Corruption Reporting Project, and The Japan Times, among others. Jesse holds a master’s degree in Environmental Policy and Regulation from the London School of Economics.
