President Ajay Banga announced Wednesday that the World Bank is returning to the nuclear energy market “for the first time in decades,” as part of its efforts to fulfill the rising demand for electricity in developing nations.
The bank would collaborate closely with the International Atomic Energy Agency (IAEA), the United Nations nuclear watchdog, “strengthening our capabilities to advise on non-proliferation measures” and regulatory frameworks,” Banga wrote in an email to employees.
Banga made the decision in the document seen by AFP, noting that by 2035, the demand for electricity in emerging nations is expected to more than treble.
Annual investments in energy generation, transmission, and storage will need to rise from the current $280 billion to over $630 billion in order to meet this demand.