The World Bank, the globe’s leading development institution, made an eye-catching move by lifting its ban on funding nuclear power projects after over a decade. This decision, announced recently, is set to change the game for developing nations, allowing them to industrialize without relying on fossil fuels like coal and oil, which are harmful to the environment.
The ban had originally been in place since 2013, while the last time the bank financed nuclear power was back in 1959 in Italy. Past limitations arose from concerns in countries like Germany about the risks of nuclear accidents in nations with less expertise in handling nuclear technology.
But now, as interest in nuclear energy revives globally, over 20 countries, including major players like the United States and Ghana, have committed to tripling nuclear power by 2050 to help combat climate change. The U.S. is particularly focused on revamping its nuclear capabilities in the face of competition from Russia and China, showcasing a renewed interest in developing next-generation, smaller reactors for quicker deployment.
This pivotal moment could encourage more nations to invest in nuclear power, making a significant impact on global energy and the fight against climate change.
The ban had originally been in place since 2013, while the last time the bank financed nuclear power was back in 1959 in Italy. Past limitations arose from concerns in countries like Germany about the risks of nuclear accidents in nations with less expertise in handling nuclear technology.
But now, as interest in nuclear energy revives globally, over 20 countries, including major players like the United States and Ghana, have committed to tripling nuclear power by 2050 to help combat climate change. The U.S. is particularly focused on revamping its nuclear capabilities in the face of competition from Russia and China, showcasing a renewed interest in developing next-generation, smaller reactors for quicker deployment.
This pivotal moment could encourage more nations to invest in nuclear power, making a significant impact on global energy and the fight against climate change.
