World Bank lifts ban on nuclear energy financing
World Bank President Ajay Banga announced that the organisation will return to supporting nuclear energy after staying out of the sector for many years (Image credit: AFP)
The
World Bank
is re-entering the nuclear energy space "for the first time in decades," its President Ajay Banga said Wednesday, as it works towards meeting growing electricity demand in developing countries.
Banga said in an email to staff that the bank will work closely with
United Nations
nuclear watchdog the
International Atomic Energy Agency
(IAEA), "strengthening our ability to advise on non-proliferation safeguards" and regulatory frameworks.
The decision comes as electricity demand in developing countries is set to more than double by 2035, Banga noted in the memo seen by AFP.
To meet this need, annual investment in energy generation, grids and storage will have to increase from $280 billion today to about $630 billion.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
One of the Most Successful Investors of All Time, Warren Buffett, Recommends: 5 Books for Turning...
Blinkist: Warren Buffett's Reading List
Click Here
Undo
"We will support efforts to extend the life of existing reactors in countries that already have them, and help support grid upgrades and related infrastructure," Banga said.
The Washington-based lender will also work to speed up the "potential of Small Modular Reactors" so these can become a viable choice for more countries eventually.
Banga, who took the helm of the development lender in 2023, has pushed for a change in the bank's energy policy -- and his letter comes a day after a board meeting.
"The goal is to help countries deliver the energy their people need, while giving them the flexibility to choose the path that best fits their development ambitions," Banga said.
Besides focusing on improving grid performance, he added that the institution will continue financing the retirement or repurposing of coal plants, supporting carbon capture for industry and power generation.
In April, on the sidelines of the International Monetary Fund and World Bank's spring meetings, US Treasury Secretary Scott Bessent said the bank could use resources more efficiently by helping emerging countries boost energy access.
He said that it should focus on "dependable technologies" rather than seek out "distortionary climate finance targets."
This could mean investing in gas and other fossil fuel-based energy production.
Bessent at the time also lauded the bank's efforts toward removing restrictions on support for nuclear energy.
Beyond the shift in nuclear energy financing, Banga said Wednesday that the bank has yet to reach agreement within its board on whether it should "engage in upstream gas," and under what circumstances it should do so.
The United States, which is the World Bank's biggest shareholder, is among countries to have campaigned for the group to rethink its ban on supporting nuclear projects.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
20 minutes ago
- Time of India
Despite AAI ban, biz jets fly out of Begumpet airport
1 2 Hyderabad: Despite a total ban on commercial operations, the Begumpet airport in the heart of Hyderabad seems to be making way for several high-profile Hyderabadis to take off from the facility aboard private choppers. According to documents available with TOI, over half a dozen business jets ferrying three to six passengers each flew in and out of the airport between June 12 and now. Most of the destinations were within the two Telugu states of Telangana and Andhra Pradesh. This information, coming in days after the horrific Air India aircraft (Boeing 787) crash in Ahmedabad, has raised serious safety concerns especially since the Begumpet facility is nestled within a densely populated pocket of Hyderabad. As part of the concession agreement signed between the Union ministry of civil aviation and the Hyderabad International Airport Ltd in 2008, when the GMR airport was developed at Shamshabad, known as the Rajiv Gandhi International Airport (RGIA), all commercial activity was suspended at the old facility. Incidentally, only weeks ago on June 2, the Airports Authority of India, had issued a circular on implementation of the SOP for handling aircraft operations at Begumpet airport. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Here's What A Walk-In Shower Should Cost Kohler Showers Learn More Undo (A copy is with TOI). Among other guidelines it asked the city facility to ensure only aircraft belonging to defence forces, police, govt dignitaries, and some other non-commercial services are allowed to operate out of its premises. It reiterated the ban on non-scheduled operators (NSOPs) – or commercial aircraft – and allowed authorities a week's time to ensure it was implemented. "Yet, in the last few days there has been hectic activity of such choppers from Begumpet. They have been ferrying prominent industrialists, corporate honchos and Tollywood A-listers, along with family members, for various private events," said a source in the know of things. When TOI verified the call signs (unique identifiers used for radio communication between pilots and air traffic control) of these business jets with the updated list of NSOPs available with the Directorate General of Civil Aviation, it found that all of them featured on it. "This only confirms that commercial activity is being allowed from Begumpet despite AAI orders," said the source alleging that these operators are signing false undertakings, claiming that they are non-commercial flights, to use the city airport, and yet stay under the radar. "The airport and ATC here has just enough capacity and skilled workforce to handle VIP movement. To add to its burden with commercial operations is not only unlawful but also risky. Also, because there have been multiple instances of bird hits around the facility," alleged an aviation expert familiar with the facility. "We have been following all protocols and guidelines. These allegations have no basis. The aircraft that are permitted to operate out of the Begumpet facility are only allowed here," said an official from Begumpet airport, refusing to be quoted.
Time of India
20 minutes ago
- Time of India
Leo Daily Horoscope Today, June 17, 2025: Feel the energy before you speak
T oday's guidance is clear—notice how you feel before you respond to anyone. Your energy will not lie. If something feels off, it probably is. If you feel inspired, don't ignore it. The day brings strong signals through your mood, body, and reactions. Instead of pushing through tiredness or ignoring gut feelings, pause and reflect. Let your inner fire be your compass. The outer world may try to distract, but your inner world holds the real truth. Honour what feels right inside. Leo Love Horoscope Today In love, notice how someone makes you feel, not just what they say. If your heart feels calm and natural around them, that's the sign of something real. If you're in a relationship, take a step back and observe how the bond makes you feel lately. Is it energizing or draining? Speak only from a place of clarity. If single, don't get swayed by sweet talk. Watch how the other person makes space for your emotions. Energy reveals more than charm. Leo Career Horoscope Today Career-wise, your passion will lead you today. But be alert—if your energy dips while doing something, that task may not be aligned with your purpose. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Зачем на ночь сжигают лавровый лист? Undo If a meeting or a project feels exciting, follow it. Someone may test your patience, but don't let them drain you. Stay with work that gives energy back to you. Even one meaningful step today will push your career forward more than a hundred forced ones. Trust your instinct. The body knows what the mind avoids. Leo Money Horoscope Today Financially, you need to make choices that feel light and safe. If a purchase or investment feels confusing or makes you anxious, wait. Today is not about taking risks just because others are doing so. A calm heart leads to smart money moves. Avoid emotional spending. Even if someone offers a fast deal, pay attention to your own gut feeling. You've worked hard for your money—don't give it to anything that doesn't bring long-term peace and purpose. Protect your wealth with awareness. Leo Health Horoscope Today Your health depends today on emotional energy. You may feel sudden tiredness, mood swings, or heaviness in the head—not because of physical sickness but due to emotional overload. Rest when you feel drained. You don't have to do everything in one day. Eat fresh, warm food and avoid very spicy or oily meals. Slow breathing and walking under open sky will help restore calm. Trust your body's messages. Today, your energy is your most honest doctor—listen to it fully. Discover everything about astrology at the Times of India , including daily horoscopes for Aries , Taurus , Gemini , Cancer , Leo , Virgo , Libra , Scorpio , Sagittarius , Capricorn , Aquarius , and Pisces .
Time of India
25 minutes ago
- Time of India
App-based garbage collection service promotes timely pickups and recycling
1 2 3 Guwahati: Overflowing bins, unscheduled pickups, and lack of accountability have led to mounting civic complaints regarding garbage collection by the residents. Amidst this, a Hyderabad-based entrepreneur introduced a new app-based garbage collection service in the city, which not only claims to ensure timely pickups but also promotes segregation and recycling at the grassroots level. Abhishiek Agarwal, the founder of 'Goodeebag', said it became operational across all localities of the city. "The service allows residents to schedule free pickups through a mobile application. However, residents must do the basic waste segregation before handing it over. Once collected, it will be transported to a waste segregation facility in Lalganesh, where these single-use plastics, packets, bottles, papers, and cardboards will be further segregated into different categories and sent to companies which recycle it," said Agarwal. Agarwal, who began this service back in 2022 in his hometown, now has his eyes on Guwahati and is working in tandem with a city-based NGO, which was already engaged in community-driven waste management for the past four years and has already brought in the participation of over 2,000 households. "This is the second city where we have begun working, and the plan here is to not let these plastic wastes hit the landfill sites. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Prijenosni laserski aparat za zavarivanje 2025 - najnoviji model Elloud Saznajte više Undo There is always a stigma in society regarding garbage and how people have a stand towards it. If this can be changed and people become aware of how to treat their wastes, this would be a great achievement," he said. Apart from this, he also claimed that residents would be able to earn credit points based on the weight of the garbage they hand over. These points can be redeemed for eco-friendly products like reusable bags, compost kits, and sustainable household items, thereby encouraging environmentally conscious behaviour among users while also supporting local businesses. The team involved in this process also confirmed that this method would create jobs for waste workers and contribute to the sustainability goals of the city.
