Overview

• The executive board approved the policy change on June 10, ending a ban that had confined the bank to one nuclear project since 1959.
• Under the plan, the bank will partner with the IAEA to extend the life of existing reactors and back the construction of small modular reactors.
• Officials are also reviewing proposals to finance natural gas exploration and production to accelerate electricity access.
• World Bank President Ajay Banga framed the decision as part of an all-of-the-above energy strategy to meet surging demand in developing economies.
• The United States, the institution’s largest shareholder, supported the move as annual investment needs are forecast to climb to $630 billion by 2035.