On 26th June 2025, the Washington, D.C., United States of America(USA) based World Bank (WB) group and Vienna, Austria based United Nations nuclear watchdog International Atomic Energy Agency (IAEA) signed an agreement to support the safe, secure and responsible use of nuclear energy in developing countries.
- The agreement was signed by the WB president Ajay Banga and IAEA director general Rafael Mariano Grossi.
Key Highlights:
i.The agreement marks a broader shift in the WB Group’s electrification strategy—focusing on making electricity more accessible, affordable, and reliable, while managing emissions responsibly.
- With electricity demand in developing countries projected to be more than double by 2035, the approach supports tailored energy solutions aligned with each country’s development goals and climate commitments.
ii.In addition, nuclear energy offers the reliability and flexibility needed to manage the fluctuations of renewable energy (as they are weather-dependent), ensuring a more stable and clean energy mix.
iii.As per the agreement, the IAEA will work with the WB in the following 3 key areas:
- Build knowledge related to the nuclear field: Expand the WB Group’s understanding of nuclear safety, security, safeguards, energy planning, new technologies, fuel cycles, reactor lifecycles, and waste management.
- Extend the lifespan of existing nuclear power plants: Support developing countries in safely extending the life of existing nuclear reactors-one of the most cost-effective sources of low-carbon power-as many global reactors near the end of their original 40-year design life.
- Advance SMRs: Accelerate the development of small modular reactors (SMRs), which offer flexible deployment, lower upfront costs, and potential for wide adoption in developing economies.
Note: 31 countries currently operate nuclear power plants, which together produced about 9% of the world’s electricity, amounting to almost a quarter of all low-carbon power globally.
About World Bank:
The WB group consists of 5 groups namely:
International Bank of Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), International Centre for Settlement of Investment Disputes (ICSID).
The WB comprises 189Â member countries.
President – Ajay Banga
Headquarters – Washington DC, the United States of America (USA)
Established – 1944
About International Atomic Energy Agency:
The IAEA is the world’s centre for cooperation in the nuclear field and seeks to promote the safe, secure and peaceful use of nuclear technologies.Â
Director General – Rafael Mariano Grossi
Headquarters – Vienna, Austria
