The World Bank Group and the International Atomic Energy Agency (IAEA) have signed an agreement to support developing nations’ safe and responsible use of nuclear energy. The cooperation was formalised by World Bank Group President Ajay Banga and IAEA Director General Rafael Mariano Grossi, marking the World Bank Group’s first reengagement with nuclear power in decades.

The agreement is consistent with the World Bank’s overall electrification strategy, which focuses on ensuring reliable and affordable energy while responsibly managing emissions. With electricity consumption in developing nations predicted to double by 2035, the strategy seeks to deliver energy solutions that are consistent with national goals and climate commitments.

Nuclear energy provides continuous baseload power, which benefits industries such as healthcare, manufacturing, and education while allowing for steady grid operations. The partnership will broaden the World Bank’s grasp of nuclear safety, energy planning, and emerging technologies. It will also help countries extend the life of existing nuclear power plants, which are a low-carbon energy source at a low cost, and speed up the deployment of small modular reactors.

Currently, 31 countries run nuclear power reactors, generating around 9% of global electricity and 25% of low-carbon power. Over 30 other countries are considering nuclear energy under IAEA supervision.