IAEA urges World Bank to support Nuclear Energy for decarbonization
The IAEA Director General advocates for expanding nuclear energy to combat climate change. Financial support is crucial for nuclear energy deployment, with calls for MDBs to aid in achieving global decarbonization goals.
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The International Atomic Energy Agency (IAEA) Director General, Rafael Mariano Grossi, emphasized the global consensus calling for the expansion of nuclear energy to achieve deep decarbonization and sustainable development. During discussions with the World Bank Group Executive Board, Grossi highlighted the need for financial support to facilitate the deployment of nuclear energy, alongside other low emission technologies. He expressed the IAEA's readiness to provide technical assistance to multilateral development banks for nuclear infrastructure development. While some countries are already investing in nuclear power projects, financing remains a significant challenge, especially for newcomer countries. The IAEA estimates that doubling nuclear capacity by 2050 would require over $100 billion in annual investments. The World Bank and other MDBs currently do not finance new nuclear power projects, but there is a growing call for them to support nuclear energy initiatives to align with global climate goals. The expansion of nuclear power is seen as crucial for achieving net-zero emissions by 2050, with a focus on enhancing energy security and reducing greenhouse gas emissions.
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