Paris: The World Bank and the International Atomic Energy Agency (IAEA) launched on Thursday a novel agreement to collaborate on the safe development and financing of nuclear energy in developing countries, including the life extension of existing nuclear reactors.
The partnership agreement, signed by World Bank Group President Ajay Banga and IAEA Director General Rafael Mariano Grossi, formalizes multiple partnerships between the two institutions over the past year and represents the World Bank Group's first concrete step in re-engaging with nuclear energy in decades.
In a statement, the IAEA and the World Bank said they agreed to collaborate on knowledge building in the nuclear field, including enhancing the Bank Group's knowledge in nuclear safety, security, energy planning, and waste management. They affirmed that they will work together to extend the life of existing nuclear plants as a low-cost, low-carbon energy source and accelerate the development of small reactors that can be deployed in developing countries.
In this context, the President of the World Bank Group said that providing electricity is essential for creating jobs in many areas, given the need for electricity for factories, hospitals, schools, and water systems. He added that nuclear energy has been included as part of the solution and is being re-embraced as a component of the energy mix the World Bank can offer to developing countries to help them achieve their aspirations.
The Director General of the International Atomic Energy Agency (IAEA) considered the agreement an indication that the world is returning to the realism of nuclear energy, which will open the door for other multilateral development banks and private sector investors to consider nuclear energy as an effective means of energy security.
